Required information [The following information applies to the questions displayed below.] On January 1, 2024, Cicero Corporation borrowed $15 million from a local bank to construct a new building over three years. The loan will be paid back in three equal installments of $6,031,722 on December 31 of each year. T payments include interest at a rate of 10%. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the mount.) Date: Cash Paid 1/1/2024 12/31/2024 $ 6,031,722 12/31/2025 6,031,722 12/31/2026 6,031,722 Interest Expense Change in Carrying Value Carrying Value
Required information [The following information applies to the questions displayed below.] On January 1, 2024, Cicero Corporation borrowed $15 million from a local bank to construct a new building over three years. The loan will be paid back in three equal installments of $6,031,722 on December 31 of each year. T payments include interest at a rate of 10%. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the mount.) Date: Cash Paid 1/1/2024 12/31/2024 $ 6,031,722 12/31/2025 6,031,722 12/31/2026 6,031,722 Interest Expense Change in Carrying Value Carrying Value
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, Cicero Corporation borrowed $15 million from a local bank to construct a new building over
three years. The loan will be paid back in three equal installments of $6,031,722 on December 31 of each year. T
payments include interest at a rate of 10%.
Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the
mount.)
Date
Cash Paid
1/1/2024
12/31/2024 $ 6,031,722
12/31/2025
6,031,722
12/31/2026
6,031,722
Interest
Expense
Change in
Carrying Value
Carrying
Value](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F606d1fb0-e45b-4016-b225-8946a77e0ed9%2F671aedae-2140-45fa-9602-e08e81fb5acc%2Fjubn97f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, Cicero Corporation borrowed $15 million from a local bank to construct a new building over
three years. The loan will be paid back in three equal installments of $6,031,722 on December 31 of each year. T
payments include interest at a rate of 10%.
Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the
mount.)
Date
Cash Paid
1/1/2024
12/31/2024 $ 6,031,722
12/31/2025
6,031,722
12/31/2026
6,031,722
Interest
Expense
Change in
Carrying Value
Carrying
Value
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