4 Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. 2 points Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) eBook Print Payments References (A) (B) (C) (D) (E) Period Ending Beginning Debit Interest Debit Notes Credit Ending Date Balance Expense Payable Cash Balance 2017 2018 2019 2020 Total $ 2$

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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4
Exercise 10-10 Installment note with equal total payments LO C1
On January 1, 2017, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of
$29,523, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020.
2
points
Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.)
eBook
Print
Payments
References
(A)
(B)
(C)
(D)
(E)
Period
Ending
Beginning
Debit Interest
Debit Notes
Credit
Ending
Date
Balance
Expense
Payable
Cash
Balance
2017
2018
2019
2020
Total
$
2$
Transcribed Image Text:4 Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. 2 points Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) eBook Print Payments References (A) (B) (C) (D) (E) Period Ending Beginning Debit Interest Debit Notes Credit Ending Date Balance Expense Payable Cash Balance 2017 2018 2019 2020 Total $ 2$
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