On January 1, 2024, Evanston Corporation borrowed $10 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 $3,880,335 on December 31 of each year. The payments include interest at a rate of 8%. 2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 1/1/2024 12/31/2024 12/31/2025 12/31/2026

On January 1, 2024, Evanston Corporation borrowed $10 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 $3,880,335 on December 31 of each year. The payments include interest at a rate of 8%. 2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 1/1/2024 12/31/2024 12/31/2025 12/31/2026

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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[The following information applies to the questions displayed below.]
On January 1, 2024, Evanston Corporation borrowed $10 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 $3,880,335 on December 31 of each year. The
payments include interest at a rate of 8%.
2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar
amount.)
Date
Cash Paid
Interest
Expense
Change in
Carrying Value
Carrying
Value
1/1/2024
12/31/2024
12/31/2025
12/31/2026

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