Required information [The following information applies to the questions displayed below.] On January 1, Year 1, Mayberry Company borrowed cash from Central Bank by issuing a $75,500 face value 3-year installment note payable that carried a 9% interest rate. The note is to be repaid by making annual cash payments of $29,826.63, which includes both principal and interest. The payments are to be made on December 31 of each year. Required: a) Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on principal and interest for Year 1, Year 2, and Year 3 and the loan balance at the end of each year. Note: Enter all your values as positive values. Round your answers to 2 decimal places. To fully liquidate the liability, the final payment may need to be adjusted slightly because of rounding differences. Date Beginning Balance Payment Interest Principal Ending Balance Year 1 Year 2 Year 3
Required information [The following information applies to the questions displayed below.] On January 1, Year 1, Mayberry Company borrowed cash from Central Bank by issuing a $75,500 face value 3-year installment note payable that carried a 9% interest rate. The note is to be repaid by making annual cash payments of $29,826.63, which includes both principal and interest. The payments are to be made on December 31 of each year. Required: a) Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on principal and interest for Year 1, Year 2, and Year 3 and the loan balance at the end of each year. Note: Enter all your values as positive values. Round your answers to 2 decimal places. To fully liquidate the liability, the final payment may need to be adjusted slightly because of rounding differences. Date Beginning Balance Payment Interest Principal Ending Balance Year 1 Year 2 Year 3
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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Question
i need the answer quickly
![Required information
[The following information applies to the questions displayed below.]
On January 1, Year 1, Mayberry Company borrowed cash from Central Bank by issuing
a $75,500 face value 3-year installment note payable that carried a 9% interest rate.
The note is to be repaid by making annual cash payments of $29,826.63, which
includes both principal and interest. The payments are to be made on December 31 of
each year.
Required:
a) Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on
principal and interest for Year 1, Year 2, and Year 3 and the loan balance at the end of each year.
Note: Enter all your values as positive values. Round your answers to 2 decimal places. To fully
liquidate the liability, the final payment may need to be adjusted slightly because of rounding
differences.
Date
Beginning
Balance
Payment
Interest
Principal
Ending Balance
Year 1
Year 2
Year 3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F650582c6-bbfa-481e-83cd-d0e98ab2088a%2Fac510021-dd09-4f2b-a0b0-27e1d9643cbf%2Fv1hpzwa_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
On January 1, Year 1, Mayberry Company borrowed cash from Central Bank by issuing
a $75,500 face value 3-year installment note payable that carried a 9% interest rate.
The note is to be repaid by making annual cash payments of $29,826.63, which
includes both principal and interest. The payments are to be made on December 31 of
each year.
Required:
a) Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on
principal and interest for Year 1, Year 2, and Year 3 and the loan balance at the end of each year.
Note: Enter all your values as positive values. Round your answers to 2 decimal places. To fully
liquidate the liability, the final payment may need to be adjusted slightly because of rounding
differences.
Date
Beginning
Balance
Payment
Interest
Principal
Ending Balance
Year 1
Year 2
Year 3
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