On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a five-year, 6 percent note. The princip and interest are to be paid by making annual payments in the amount of $85,463. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. Note: Round your answers to the nearest dollar amount. Year Year 1 Year 2 Year 3 Year 4 Year 5 Principal Balance on January 11 BEATIE COMPANY Amortization Schedule Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period
On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a five-year, 6 percent note. The princip and interest are to be paid by making annual payments in the amount of $85,463. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. Note: Round your answers to the nearest dollar amount. Year Year 1 Year 2 Year 3 Year 4 Year 5 Principal Balance on January 11 BEATIE COMPANY Amortization Schedule Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Subject: accounting

Transcribed Image Text:and interest are to be paid by making annual payments in the amount of $85,463. Payments are to be made December 31 of
year, beginning December 31, Year 1.
On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal
each
Required
Prepare an amortization schedule for the interest and principal payments for the five-year period.
Note: Round your answers to the nearest dollar amount.
Year
Year 1
Year 2
Year 3
Year 4
Year 5
Principal
Balance on
January 1
BEATIE COMPANY
Amortization Schedule
Cash
Payments
December 31
Applied to
Interest
Applied to
Principal
Principal
Balance End of
Period
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