Required information [The following information applies to the questions displayed below.] On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The payments include interest at a rate of 9%. 3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (ie., $5.5 million should be entered as 5,500,000.).) View transaction list Journal entry worksheet < 1 2 3 Record the payment of first annual installment on the note payable. Note: Enter debits before credits. Date General Journal Debit Credit Required information [The following information applies to the questions displayed below.] On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The payments include interest at a rate of 9%. 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
Required information [The following information applies to the questions displayed below.] On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The payments include interest at a rate of 9%. 3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (ie., $5.5 million should be entered as 5,500,000.).) View transaction list Journal entry worksheet < 1 2 3 Record the payment of first annual installment on the note payable. Note: Enter debits before credits. Date General Journal Debit Credit Required information [The following information applies to the questions displayed below.] On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The payments include interest at a rate of 9%. 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
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The
payments include interest at a rate of 9%.
3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (ie., $5.5
million should be entered as 5,500,000.).)
View transaction list
Journal entry worksheet
<
1
2
3
Record the payment of first annual installment on the note payable.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd52c1dc9-83f4-4c8c-847b-961af3685acf%2F158f209f-8c74-46d3-96c4-0a457684e587%2Flmfghod_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The
payments include interest at a rate of 9%.
3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (ie., $5.5
million should be entered as 5,500,000.).)
View transaction list
Journal entry worksheet
<
1
2
3
Record the payment of first annual installment on the note payable.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
![Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The
payments include interest at a rate of 9%.
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd52c1dc9-83f4-4c8c-847b-961af3685acf%2F158f209f-8c74-46d3-96c4-0a457684e587%2Fzmw2m53_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, Evanston Corporation borrowed $16 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 $6,320,876 on December 31 of each year. The
payments include interest at a rate of 9%.
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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