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.).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please ado not Give image format
![Required information
Problem 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 next
three years. The loan will be paid back in three equal installments of $1,143,155 on December 31 of each year. The
payments include interest at a rate of 7%.
Problem 9-2A (Algo) Part 3
3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5
million should be entered as 5,500,000.).)
View transaction list
Journal entry worksheet
<
1
2
Record the payment of first annual installment on the note payable.
3
Note: Enter debits before credits.
Date
December 31, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal
>
Journal entry worksheet
<
1
2
Record the payment of second annual installment on the note payable.
Note: Enter debits before credits.
Date
December 31, 2025
Record entry
3
Journal entry worksheet
Note: Enter debits before credits.
Date
December 31, 2026
General Journal
Record entry
Clear entry
Record the payment of third annual installment on the note payable.
General Journal
Debit
Clear entry
Debit
Credit
View general journal
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea6bde4e-c725-4e00-a32f-5e39c02069ee%2F22a0a7b1-2192-4e9e-9d35-25c6c7302cd9%2Fgnzznua_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 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 next
three years. The loan will be paid back in three equal installments of $1,143,155 on December 31 of each year. The
payments include interest at a rate of 7%.
Problem 9-2A (Algo) Part 3
3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5
million should be entered as 5,500,000.).)
View transaction list
Journal entry worksheet
<
1
2
Record the payment of first annual installment on the note payable.
3
Note: Enter debits before credits.
Date
December 31, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal
>
Journal entry worksheet
<
1
2
Record the payment of second annual installment on the note payable.
Note: Enter debits before credits.
Date
December 31, 2025
Record entry
3
Journal entry worksheet
Note: Enter debits before credits.
Date
December 31, 2026
General Journal
Record entry
Clear entry
Record the payment of third annual installment on the note payable.
General Journal
Debit
Clear entry
Debit
Credit
View general journal
Credit
View general journal
>
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