Hi, How do i solve for the missing amounts? On July 1, 2020, Oriole Ltd. borrowed $20,000 by signing a two-year, 4% note payable. The note is payable in two annual instalmentsof $10,604 on June 30. The company records adjusting journal entries annually at year end on December 31. Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, e.g. 5,255.)AnnualInterestPeriodJuly 1,2020June30,2021June30,2022LACash PaymentLAInterest ExpensetAReduction of PrincipaltAPrincipal Bal

The interest expense is the amount of interest due for payment during the period. The installment…

On July 1, 2020, Oriole Ltd. borrowed $20,000 by signing a two-year, 4% note payable. The note is payable in two annual instalments of $10,604 on June 30. The company records adjusting journal entries annually at year end on December 31.

On July 1, 2020, Oriole Ltd. borrowed $20,000 by signing a two-year, 4% note payable. The note is payable in two annual instalments of $10,604 on June 30. The company records adjusting journal entries annually at year end on December 31.

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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Question

Hi,

How do i solve for the missing amounts?

On July 1, 2020, Oriole Ltd. borrowed $20,000 by signing a two-year, 4% note payable. The note is payable in two annual instalments
of $10,604 on June 30. The company records adjusting journal entries annually at year end on December 31.

Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, e.g. 5,255.)
Annual
Interest
Period
July 1,
2020
June
30,
2021
June
30,
2022
LA
Cash Payment
LA
Interest Expense
tA
Reduction of Principal
tA
Principal Bal

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