Amortization Schedule - Long-term NoteJanuary 1, 2020 Wang Co borrows $40,000 at 5% for 7 years. Determine the blended annual December 31, year-endpayments. Prepare an amortization schedule.N (period of time)| (Interest)PV (Present ValueFV (Future Value)PMT (Annuity)Required1 Prepare the loan amortization schedule using the effective interest method.BeginningBalanceInterestPrincipalPaymentAnnualPrincipalPage TPeriodРадеPaymentExpenseBalance1234672 Determine the amount that would be presented on the balance sheet at December 31, 2020 (at end of year 1) as:Current portion of long-term note at December 31, 20203 Prepare the journal entry to record the last loan payment.General JournalDRCR

Amortization Schedule - Long-term Note January 1, 2020 Wang Co borrows $40,000 at 5% for 7 years. Determine the blended annual December 31, year-end payments. Prepare an amortization schedule. N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) Required Prepare the loan amortization schedule using the effective interest method. Beginning Balance Annual Interest Principal Payment Principal Page T Period Payment Expense Balance 1 4 7 Determine the amount that would be presented on the balance sheet at December 31, 2020 (at end of year 1) as: Current portion of long-term note at December 31, 2020 Prepare the journal entry to record the last loan payment. General Journal DR CR

Amortization Schedule - Long-term Note January 1, 2020 Wang Co borrows $40,000 at 5% for 7 years. Determine the blended annual December 31, year-end payments. Prepare an amortization schedule. N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) Required Prepare the loan amortization schedule using the effective interest method. Beginning Balance Annual Interest Principal Payment Principal Page T Period Payment Expense Balance 1 4 7 Determine the amount that would be presented on the balance sheet at December 31, 2020 (at end of year 1) as: Current portion of long-term note at December 31, 2020 Prepare the journal entry to record the last loan payment. General Journal DR CR

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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