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On January 1, Year 1, Beatle Company borrowed $340,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,715. 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. (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 $340,000, 5-Year Term Note, 6% Interest Rate Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period

On January 1, Year 1, Beatle Company borrowed $340,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,715. 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. (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 $340,000, 5-Year Term Note, 6% Interest Rate Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On January 1, Year 1, Beatie Company borrowed $340,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,715. 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. (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 $340,000, 5-Year Term Note, 6% Interest Rate Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period
Transcribed Image Text:On January 1, Year 1, Beatie Company borrowed $340,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,715. 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. (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 $340,000, 5-Year Term Note, 6% Interest Rate Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period
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