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24, Cicero Corporation borrowed $ loan will be paid back in three equa e interest at a rate of 7%

24, Cicero Corporation borrowed $ loan will be paid back in three equa e interest at a rate of 7%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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! Required information Problem 9-2A (Algo) Prepare amortization schedule and record installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2024, Cicero Corporation borrowed $3 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $1,143,155 on December 31 of each year. The payments include interest at a rate of 7%. Problem 9-2A (Algo) Part 2 2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.) Date 1/1/2024 12/31/2024 12/31/2025 12/31/2026 Cash Paid Interest Expense Change in Carrying Value Carrying Value
Transcribed Image Text:! Required information Problem 9-2A (Algo) Prepare amortization schedule and record installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2024, Cicero Corporation borrowed $3 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $1,143,155 on December 31 of each year. The payments include interest at a rate of 7%. Problem 9-2A (Algo) Part 2 2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.) Date 1/1/2024 12/31/2024 12/31/2025 12/31/2026 Cash Paid Interest Expense Change in Carrying Value Carrying Value
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