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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 75
Use the information in Exercise 14-10 to prepare the journal entries for Eagle to record the loan on January 1, 2015, and the four payments from December 31, 2015, through December 31, 2018.
Reference: Exercise 14-10
On January 1, 2015, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2015 through 2018.
1. Compute the amount of each of the four equal total payments.
2. Prepare an amortization table for this installment note like the one in Exhibit 14.14
Reference: Exhibit 14.14
.
Reference: Exercise 14-10
On January 1, 2015, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2015 through 2018.
1. Compute the amount of each of the four equal total payments.
2. Prepare an amortization table for this installment note like the one in Exhibit 14.14
Reference: Exhibit 14.14
.Explanation
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A bond refers to a security generally us...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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