On January 1, $30,000 cash is borrowed from a bank in return for a 12% installment note with 36 monthly payments of $996 each.(1) Prepare an amortization table for the first three months of this installment note.(2) Record the entry for issuance of the note.(3) Record the entry for the first interest payment and for the second interest payment.Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3Record the entry for issuance of the note.

Answer : 1. Amortization table for first 3 moths : Period ending date Beginning balance(a) Debit…

Answered: suance of the note. e first interest…

Business

Accounting

suance of the note. e first interest paymer

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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