Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requiresfour equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021through 2024.Exercise 10-12 (Algo) Installment note amortization table LO C1Prepare an amortization table for this installment note.Note: Round all amounts to the nearest whole dollar.PaymentsPeriod Ending (A) Beginning (B) Debit Interest (C) Debit NotesBalanceExpensePayableDate2021202220232024Total$33,000EA-23,476-23,476 $33,00033,000(D) Credit Cash$$9,5249,5249,5249,52438,096(E) EndingBalance0

Lets understand the basics.The note payable are reported as liabilities in the balance sheet. The…

On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. ercise 10-12 (Algo) Installment note amortization table LO C1

On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. ercise 10-12 (Algo) Installment note amortization table LO C1

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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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Exercise 10-12 (Algo) Installment note amortization table LO C1 Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.)
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $21,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $5,922, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Exercise 10-12 (Algo) Installment note amortization table LO C1 Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments Period Ending (A) Beginning (B) Debit Intereșt Balance (E) Ending Balance (C) Debit Notes (D) Credit Cash Date Expense Payable 2021 2022 2023 2024 Total 12:0 re to search 69°F Cloudy 10/13 11 ort sc A4 96 & 6. 8 7T Y] U G H.