Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment. Annual Period Interest Expense Annual Payment Principal Payment Ending Balance 1 2 3 4 PLEASE NOTE: All dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). For the journal
5. Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
| Annual Period | Interest Expense | Annual Payment |
Principal Payment |
Ending Balance |
| 1 | ||||
| 2 | ||||
| 3 | ||||
| 4 |
PLEASE NOTE: All dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). For the
Based on the amortization schedule above and using the following accounts,
| Principal Payment | Cash | Interest Income |
| LT Notes Payable | Annual Payment | Interest Expense |
provide the journal entry for the first year payment:
| DR | ||
| DR/CR? | ||
| CR |
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