Please ado not Give image format Required informationProblem 9-2A (Algo) Prepare amortization schedule and record installment notes (LO9-2)[The following information applies to the questions displayed below.]On January 1, 2024, Cicero Corporation borrowed $3 million from a local bank to construct a new building over the nextthree years. The loan will be paid back in three equal installments of $1,143,155 on December 31 of each year. Thepayments include interest at a rate of 7%.Problem 9-2A (Algo) Part 33. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5million should be entered as 5,500,000.).)View transaction listJournal entry worksheet<12Record the payment of first annual installment on the note payable.3Note: Enter debits before credits.DateDecember 31, 2024Record entryGeneral JournalClear entryDebitCreditView general Journal>Journal entry worksheet<12Record the payment of second annual installment on the note payable.Note: Enter debits before credits.DateDecember 31, 2025Record entry3Journal entry worksheetNote: Enter debits before credits.DateDecember 31, 2026General JournalRecord entryClear entryRecord the payment of third annual installment on the note payable.General JournalDebitClear entryDebitCreditView general journalCreditView general journal>

Date Cash paid (a) Interest expenses (b) reduction in principal (c= a-b) Principal amount (Balance -…

ng information applies to the questions displayed below.] 1, 2024, Cicero Corporation borrowed $3 million from a local bank to construct a The loan will be paid back in three equal installments of $1,143,155 on December clude interest at a rate of 7%. (Algo) Part 3 om the amortization schedule to record each installment payment. (If no entry is select "No Journal Entry Required" in the first account field. Enter your answ entered as 5.500,000.).)

ng information applies to the questions displayed below.] 1, 2024, Cicero Corporation borrowed $3 million from a local bank to construct a The loan will be paid back in three equal installments of $1,143,155 on December clude interest at a rate of 7%. (Algo) Part 3 om the amortization schedule to record each installment payment. (If no entry is select "No Journal Entry Required" in the first account field. Enter your answ entered as 5.500,000.).)

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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