Exercise 10-2A Amortization schedule for an installment note On January 1, 2011, Cobb Co. borrowed $80,000 cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $23,087. Payments are to be made December 31 of each year, beginning December 31, 2011. Required Prepare an amortization schedule for the interest and principal payments for the four-year period. LO 1

Exercise 10-2A Amortization schedule for an installment note On January 1, 2011, Cobb Co. borrowed $80,000 cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $23,087. Payments are to be made December 31 of each year, beginning December 31, 2011. Required Prepare an amortization schedule for the interest and principal payments for the four-year period. LO 1

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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Problem 15
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Question 29