Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end year. Prepare an amortization table showing the principal and interest in each payment. 1. Prepare the amortization table for the borrowing 2. Prepare journal entries to record the borrowing, year 1 and year 2 payments Part 1

Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end year. Prepare an amortization table showing the principal and interest in each payment. 1. Prepare the amortization table for the borrowing 2. Prepare journal entries to record the borrowing, year 1 and year 2 payments Part 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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