Use the information in Exercise 14-14 to prepare the journal entries for American Eagle to record the loan on January 1, 2009, and the four payments from December 31, 2009, through December 31, 2012.
REFER 14-14
On January 1, 2009, American Eagle borrows $90,000 cash by signing a four-year, 5% installment note.
The note requires four equal total payments of accrued interest and principal on December 31 of each
year from 2009 through 2012.
1. Compute the amount of each of the four equal total payments.
2. Prepare an amortization table for this installment note like the one in Exhibit 14.14.
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