In January 1, 2020, Mega Corporation issued a $55,000, three-year, 6% installment note from Biggest Bank. The note requires annual payments of $20,576 beginning on December 31, 2020. Use this information to complete the following loan amortization table (round all of your answers to the nearest dollar).

In January 1, 2020, Mega Corporation issued a $55,000, three-year, 6% installment note from Biggest Bank. The note requires annual payments of $20,576 beginning on December 31, 2020. Use this information to complete the following loan amortization table (round all of your answers to the nearest dollar).

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Amortization of Installment Note
For the Year Ending	Jan. 1st Carrying Amount	Note Payment (Cash paid)	Interest Expense (6%)	Decrease in Principal	Dec. 31st Carrying Amount
12/31/20
12/31/21
12/31/22