On December 31, 2023, KEC Environmental Corp. borrowed $109,000 by signing a four-year, 8.0% Installment note. The note requires four equal payments of accrued interest and principal on December 31 o each year from 2024 through 2027. Use TABLE 14A.2. (Use appropriate factor(s) from the tables provided.) a. Calculate the size of each of the four equal payments. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) b. Prepare an amortization table for this Installment note. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) c. Prepare journal entries that KEC Environmental Corp. would make to record the loan on December 31, 2023, and the four payments starting on December 31, 2024, through the final payment on December 31, 2027. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

On December 31, 2023, KEC Environmental Corp. borrowed $109,000 by signing a four-year, 8.0% Installment note. The note requires four equal payments of accrued interest and principal on December 31 o each year from 2024 through 2027. Use TABLE 14A.2. (Use appropriate factor(s) from the tables provided.) a. Calculate the size of each of the four equal payments. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) b. Prepare an amortization table for this Installment note. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) c. Prepare journal entries that KEC Environmental Corp. would make to record the loan on December 31, 2023, and the four payments starting on December 31, 2024, through the final payment on December 31, 2027. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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