!Required information[The following information applies to the questions displayed below.]On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $51,000 face value, four-year term note thathad an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,057 that includeboth interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land thatgenerated rental revenues of $27,540 cash per year.Requireda. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.)YearYear 1Year 2Year 3Year 4Principal Balanceon January 1BROWN CO.Amortization ScheduleApplied toInterestCash PaymentsDecember 31Applied toPrincipalPrincipal BalanceEnd of Period

Preparation of Amortization schedule $51,000 4 year term note, 7% on interest note : Year…

a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.) Year Year 1 Year 2 Year 3 Year 4 Principal Balance on January 1 BROWN CO. Amortization Schedule Applied to Interest Cash Payments December 31 Applied to Principal Principal Balance End of Period

a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.) Year Year 1 Year 2 Year 3 Year 4 Principal Balance on January 1 BROWN CO. Amortization Schedule Applied to Interest Cash Payments December 31 Applied to Principal Principal Balance End of Period

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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