Revise your worksheet to reflect these updated assumptions and then answer the questions that follow.Loan amountAnnual interest rateNumber of yearsDecember 31, 2021December 31, 2022December 31, 2023December 31, 2024Required:1. Use your spreadsheet to recalculate the amortization table amounts and enter your revised results for the yearsindicated. Assume the bonds were issued on January 1.Note: Round your answers to 2 decimal places.No1Date2$ 465,00038%$4X Answer is not complete.Cash Paid140,393.17140,393.17140,393.17$ 140,393.17 $2. Prepare the journal entries to record the issuance of the note and the first two annual payments.Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.Round your answers to 2 decimal places.DateJanuary 01, 2021 CashNotes PayableCarrying ValueDecember 31, 201 Notes PayableInterest ExpenseCash361,806.83250,358.21 X129.993.70 x> Answer is complete but not entirely correct.General JournalDecember 31, 201 Notes PayableInterest ExpenseCash0.00Debit465,000.00103,193.1737,200.00111,448.6228,944.55Credit465,000.00140,393.17140,393.17

Notes payable can be defined as a written agreements which specifies certain conditions as per which…

Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Loan amount Annual interest rate Number of years $ 465,000 8% 4 Required: 1. Use your spreadsheet to recalculate the amortization table amounts and enter your revised results for the years indicated. Assume the bonds were issued on January 1. Note: Round your answers to 2 decimal places.

Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Loan amount Annual interest rate Number of years $ 465,000 8% 4 Required: 1. Use your spreadsheet to recalculate the amortization table amounts and enter your revised results for the years indicated. Assume the bonds were issued on January 1. Note: Round your answers to 2 decimal places.

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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