The table shows the new table of amortization from 2023 to 2029. Please help me understand where the 3,312,548 came from? what is the calculation?thank you NEW table of AmortizationDate1/1/202312/31/202312/31/202412/31/202512/31/202612/31/202712/31/202812/31/2029PaymentInterest (12%) PrincipalPresent Value600,000600,000800,000800,000800,000800,000800,000397,506373,206345,991291,510230,491202,494226,794454,009508,490569,509637,850713,4023,312,5483,110,0542,883,2602,429,2511,920,7611,351,252162,15086,598713,402 Annual rental payable at the end of each yearJanuary 1, 2020 with the following information:Cavalier Company entered into a lease of building onJanuary 1, 2020 with the following information:Annual rental payable at the end of each yearLease termUseful life of buildingImplicit interest ratePV on an ordinary annuity of 1 at 9% for 5 periods600,0005 years20 years9%3.890The lease contained an option for the lessee to extend thelease for a further 5 years.At the commencement date, the exercise of the extensionoption is not reasonably certain.After 3 years on January 1, 2023, the lessee decided to extendthe lease for a further 5 years.800,00012%New annual rental payable at the end of each yearNew implicit interest ratePV of an ordinary annuity of 1 at 12% for 5 periodsPV of 1 at 12% for 2 periodsPV of an ordinary of 1 at 12% for 2 periods3.6050.7971.690

The present value is calculated by multiplying the amount of lease payment made by the present value…

NEW table of Amortization Date 1/1/2023 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 Payment Interest (12%) Principal 600,000 600,000 800,000 800,000 800,000 800,000 800,000 397,506 373,206 345,991 291,510 230,491 162,150 86,598 202,494 226,794 454,009 508,490 569,509 637,850 713,402 Present Value 3,312,548 3,110,054 2,883,260 2,429,251 1,920,761 1,351,252 713,402

NEW table of Amortization Date 1/1/2023 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 Payment Interest (12%) Principal 600,000 600,000 800,000 800,000 800,000 800,000 800,000 397,506 373,206 345,991 291,510 230,491 162,150 86,598 202,494 226,794 454,009 508,490 569,509 637,850 713,402 Present Value 3,312,548 3,110,054 2,883,260 2,429,251 1,920,761 1,351,252 713,402

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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