On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a biendedpayment of $8,235 which includes interest and principal.Do not enter dollar signs or commas in the input boxes,Round all answers to the nearest whole dollar.Complete the tabie to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remainingprincipal balance. This will ensure the ending principal balance is $0.DateCash Payment Interest Expense Reduction of Principal Principal BalanceJul 1 2020Jan 1, 2021Jul 1, 2021Jan 1, 2022

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On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a blended payment of $8,235 which includes interest and principal. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Cash Payment Interest Expense Reduction of Principal Principal Balance Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022

On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a blended payment of $8,235 which includes interest and principal. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Cash Payment Interest Expense Reduction of Principal Principal Balance Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022

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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