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A Company Purchased Two New Trucks for a Total of $250,000

Question 65

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A company purchased two new trucks for a total of $250,000 on January 1,2013.The company paid $40,000 cash and gave a $210,000,three-year,8% note for the remaining balance.The note is to be paid in three annual end-of-year payments beginning December 31,2013.Assume the annual installment payments are to consist of equal amounts of principal plus accrued interest.Prepare a note amortization table using the format below.
A company purchased two new trucks for a total of $250,000 on January 1,2013.The company paid $40,000 cash and gave a $210,000,three-year,8% note for the remaining balance.The note is to be paid in three annual end-of-year payments beginning December 31,2013.Assume the annual installment payments are to consist of equal amounts of principal plus accrued interest.Prepare a note amortization table using the format below.

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Principle each year: $210,000/3 = $70,00...

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