On January 1, 2020, Physanto Corp. received in exchange for equipment sold to Viva Inc., an 8% $500,000 note that matures in January 2024. The market rate of interest for similar notes is 12%. Interest is received semi-annually each July 1 and January 1. Round all values to the nearest whole number. Required: A. Complete the partial amortization schedule provided. Place zero in any field that does not require a computed value.
On January 1, 2020, Physanto Corp. received in exchange for equipment sold to Viva Inc., an 8% $500,000 note that matures in January 2024. The market rate of interest for similar notes is 12%. Interest is received semi-annually each July 1 and January 1. Round all values to the nearest whole number. Required: A. Complete the partial amortization schedule provided. Place zero in any field that does not require a computed value.
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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On January 1, 2020, Physanto Corp. received in exchange for equipment sold to Viva Inc., an 8% $500,000 note that matures in January 2024. The market rate of interest for similar notes is 12%. Interest is received semi-annually each July 1 and January 1. Round all values to the nearest whole number.
Required:
A.
Complete the partial amortization schedule provided. Place zero in any field that does not require a computed value.
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