i need the answer quickly On January 1, Year 1, Hawk Company borrowed $122,000 from the Community Bank, issuing a three-year, 8% note payable. Payments of $47,340.09 are to be made each year on December 31. Thepayment will include both the interest and a portion of the principal.Required:Prepare an amortization schedule for the note.Note: Enter all your values as positive values. Round your answers to 2 decimal places.DateBeginningBalancePaymentYear 1Year 2Year 3InterestPrincipalEnding Balance

Laon amortization schedule means where repayment during the life of loan is written with interest.…

Answered: On January 1, Year 1, Hawk Company…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Dan Dayle started a business by issuing an $92,000 face value note to First State Bank on January 1, Year 1. The note had a 7 percent annual rate of interest and a five-year term Payments of $22,438 are to be made each December 31 for five years. Required: a. What portion of the December 31, Year 1. payment is applied to interest expense and principal? b. What is the principal balance on January 1, Year 2? c. What portion of the December 31, Year 2, payment is applied to interest expense and principal? Note: Round your answers to the nearest dollar amount. a. Interest expense a. Principal b. Principal balance c. Interest expense c. Principal
On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (a) Question Part Score (b) Question Part Score (c) 2/2 6/6 Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date > Account Titles Debit
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Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest rate was 8% compounded annually. 1. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook E, calculate the factor. 2. Next, determine the annual payment amount. 3. Then, determine the interest portion of the payment for year 1. 4. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.
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On January 1, Year 1, Beatie Company borrowed $400,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest are to be paid by making annual payments in the amount of $92,390. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.) BEATIE COMPANY Amortization Schedule $400,000, 5-Year Term Note, 5% Interest Rate Principal Balance Principal Balance End of Period Cash Payments Applied to Interest Applied to Principal Year December 31 on January 1 Year 1 Year 2 Year 3 Year 4 Year 5
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On January 1, Year 1, Bryson Company obtained a $12,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $3,704, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out. Amortization of Installment Notes Year EndingDecember 31 January 1Carrying Amount Note Payment(Cash Paid) Interest Expense(9% of January 1Note CarryingAmount) Decrease inNotes Payable December 31Carrying Amount Year 1 $ $ $ $ $ Year 2 Year 3 Year 4 0 $ $ $
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