A partial amortization schedule for a note payable with interest paid annually that was issued on January 1, Year 1, is shown next Accounting Period Year 1 Applied to Applied to Interest Principal $36,100 $ 16,400 Principal balance January 1 $ 410,000 Cash Payment $ 52,500 Required: a. What is the annual rate of interest charged on this loan? b. Using the horizontal financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. Complete this question by entering your answers in the tabs below. Required A Required B What is the annual rate of interest charged on this loan? Anual rate of interest %

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.