C14Q4a

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University of Texas, Permian Basin *

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3302

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Accounting

Date

Apr 3, 2024

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pdf

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3

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3/18/24, 11:54 AM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 1/3 Score: 16.12/100 Points 16.12 %
3/18/24, 11:54 AM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 2/3 4. Award: 0 out of 5.26 points Brief Exercise 14-11 (Algo) Installment note [LO14-3] On January 1, a company borrowed cash by issuing a $370,000, 5%, installment note to be paid in three equal payments at the end of each year beginning December 31. Note: Use tables, Excel, or a financial calculator. ( FV of $1 , PV of $1 , FVA of $1 , PVA of $1 , FVAD of $1 and PVAD of $1 ) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment. Annual Payment Amortization Complete this question by entering your answers in the tabs below. What would be the amount of each installment? Note: Round your final answer to the nearest whole dollar. Annual Payment Amortization General Journal Annual Payment $ 100,000 References General Journal Difficulty: 1 Easy Brief Exercise 14-11 (Algo) Installment note [LO14-3] Learning Objective: 14-03 Characterize the accounting treatment of notes, including installment notes, issued for cash or for noncash consideration. Brief Exercise 14-11 (Algo) Installment note [LO14-3] On January 1, a company borrowed cash by issuing a $370,000, 5%, installment note to be paid in three equal payments at the end of each year beginning December 31. Note: Use tables, Excel, or a financial calculator. ( FV of $1 , PV of $1 , FVA of $1 , PVA of $1 , FVAD of $1 and PVAD of $1 ) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment.
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