A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows.accounting periodprincipal balancecash paymentapp. to interestapp to principal2018136000349651224022725201911327534965101952477020208850534965796527000 what is the amount of interest expense on the loan?

The interest expenses are computed as per the given rates on the principal portion for the given…

Answered: A partial amortization schedule for a…

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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A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows.

accounting period	principal balance	cash payment	app. to interest	app to principal
2018	136000	34965	12240	22725
2019	113275	34965	10195	24770
2020	88505	34965	7965	27000

what is the amount of interest expense on the loan?

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