Hello, I need some help with this one. Thank you so much for all the help AccountingPeriodPrincipalBalance January 1$130,000107,84183,909CashApplied toPayment$32,55932,55932,559Applied toPrincipal$22,15923,93225,846InterestYear 1$10,4008,6276,713Year 2Year 3Requireda. Using a financial statements model like the one shown, 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.b. What is the amount of interest expense on this loan for Year 4?Complete this question by entering your answers in the tabs below.Required ARequired BUsing a financial statements model like the one shown, record the appropriate amounts for the following two events: (Enter any decreases toaccount balances and cash outflows with a minus sign. In the Cash Flows column, designate the cash flows as operating activities (OA), investingactivities (IA), financing activities (FA), or if there is no effect, leave the cell blank. Not all cells will require entry.)(1) January 1, Year 1, issue of the note payable.(2) December 31, Year 1, payment on the note payable.Show less ACOWBOY ICE CREAM COMPANYHorizontal Statements ModelBalance SheetIncome StatementEventNo.Statement ofAssetsStockholder's= Net IncomeCash FlowLiabilitiesRevenueExpenseEquity1.130,000130,000+2.(32,559)(22,159) Cowboy Ice Cream Company issued a note payable on January 1, Year 1. Below you will find a partial amortization schedule for the 5-year note payable.AccountingPeriodPrincipalBalance January 1CashApplied toPayment$32,55932,55932,559Applied toPrincipal$22,15923,93225,846Interest$130,000107,841৪3,909Year 1Year 2Year 3$10,4008,6276,713Requireda. Using a financial statements model like the one shown, record the appropriate amounts for the following two events:(1) January 1, Year 1, issue of the note payable.(2) December 31, Year 1, payment on the note payable.b. What is the amount of interest expense on this loan for Year 4?Complete this question by entering your answers in the tabs below.Required ARequired BWhat is the amount of interest expense on this loan for Year 4? (Round your answers to the nearest whole dollar amount.)Interest expense$ 4,645< Required A

Given : Accounting period Principal balance January 1 Cash payment Applied to interest Applied…

Accounting Period Principal Balance January 1 Cash Applied to Payment $32,559 32,559 32,559 Applied to Principal $22,159 23,932 25,846 Interest Year 1 $130,000 107,841 83,909 $10,400 8,627 6,713 Year 2 Year 3 Required a. Using a financial statements model like the one shown, 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. b. What is the amount of interest expense on this loan for Year 4?

Accounting Period Principal Balance January 1 Cash Applied to Payment $32,559 32,559 32,559 Applied to Principal $22,159 23,932 25,846 Interest Year 1 $130,000 107,841 83,909 $10,400 8,627 6,713 Year 2 Year 3 Required a. Using a financial statements model like the one shown, 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. b. What is the amount of interest expense on this loan for Year 4?

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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Please do it on excel like you did on the last time thanks