Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $54,800 in its bank account. The note has a 3-year term, compounds 4 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do not round intermediate calculations. Round final answers to nearest whole dollar.) Beginning Notes Payable Repaid Principal on Notes Payable Interest Ending Notes Payable Expense Year 2021 2$ 54,800 Year 2022 $ 37,076 Year 2023 $ $

Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $54,800 in its bank account. The note has a 3-year term, compounds 4 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do not round intermediate calculations. Round final answers to nearest whole dollar.) Beginning Notes Payable Repaid Principal on Notes Payable Interest Ending Notes Payable Expense Year 2021 2$ 54,800 Year 2022 $ 37,076 Year 2023 $ $

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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On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Your answer is incorrect. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Save for Later Last saved 14 hours ago. Attempts: 1 of 2 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Question Part Score (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score 0/2 -16
Please only answer parts b and c. These were left out of the previous question. Thanks
last question: what is the entry required on January 1, 2023, when the loan is paid back?
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Hi, How do i solve for the missing amounts?
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