# Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$35,000...

Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of \$10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) Debit Interest Debit Notes Expense Payable (A) Beginning Balance Period Ending Date 2019 (D) Credit Cash Ending Balance 2020 2021 2022 Total

 Payables A B C D E Period Ending Date Beginning Balance Debit Interest Expense Debit Notes Payables Credit Cash Ending Balance 2019 35,000 2,450 7,883 10,333 27,117 2020 27,117 1,898 8,435 10,333 18,682 2021 18,682 1,308 9,025 10,333 9,657 2022 9,657 676 9,657 10,333 - Total 6,332 35,000 41,332

Notes:

For Year 2019

Interest Expense = Beginning Balance * 7%

Interest Expense = 35,000 * 7% = \$ 2,450

Notes Payables = Installment Amount - Interest Expense

Notes Payables = 10,333 - 2,450 = \$ 7,883

Cash = \$ 10,333

Ending Balance = Beginning Balance - Notes Payables Debit

Ending Balance = 35,000 - 7,883 = \$ 27,117

For Year 2020

Interest Expense = Beginning Balance * 7%

Interest Expense = 27,117 * 7% = \$ 1,898

Notes Payables Debit = Installment Amount - Interest Expense

Notes Payables = 10,333 - 1,898 = \$ 8,435

Cash = \$ 10,333

Ending Balance = Beginning Balance - Notes Payables Debit

Ending Balance = 27,117 - 8,435 = \$ 18,682

For 2021

Interest Expense = Beginning Balance * 7%

Interest Expense = 18,682 * 7% = \$ 1,308

Notes Payables Debit = Installment Amount - Interest Expense

Notes Payables Debit= 10,333 - 1,308 = \$ 9,025

Cash = \$ 10,333

Ending Balance = Beginning Balance - Notes Payables Debit

Ending Balance = 18,682 - 9,025 = \$ 9,657

For Year 2022

Interest Expense = Installment Amount - Beginning Balance

Interest Expense = 10,333 - 9,657 = \$ 676

Notes Payables = 10,333 - 676 = \$ 9,657

Cash = \$ 10,333

Ending Balance = Nil

Ending Balance for one year is Beginning Balance for Another Year.

#### Earn Coin

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
• ### Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$15,000...

Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$15,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of \$4,428, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments . (E) Period Ending Date . (A) Beginning Balance (B) Debit Interest Expense (C) Debit...

• ### Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$28,000...

Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$28,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of \$8,081, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) (A) Beginning Balance Payments (B) (C) Debit Debit Interest Notes Expense Payable (D) Credit Cash (E)...

• ### Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$27,000...

Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$27,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of \$8,334, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.)

• ### Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$32,000...

Exercise 10-12 Installment note amortization table LO C1 On January 1, 2019, Eagle Company borrows \$32,000 cash by signinga four-year, 9% installment note. The note requires four equal payments of \$9,877, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (A) (B) (C) (D) (E) Period Ending Date Beginning Balance Debit Interest Expense Debit Notes Credit...

• ### 19 On January 1, 2019, Eagle Company borrows \$35,000 cash by signing a four-year, 7% installment...

19 On January 1, 2019, Eagle Company borrows \$35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of \$10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments points (E) ( 8 02:16:59 Period Ending Date 2019 (A) Beginning Balance (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit...

• ### Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows \$31,000 cash...

Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows \$31,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of \$9,360, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments...

• ### Exercise 10-10 Installment note amortization table LO C1 points On January 1, 2018, Eagle borrows \$17,000...

Exercise 10-10 Installment note amortization table LO C1 points On January 1, 2018, Eagle borrows \$17,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of \$4,906, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.)...

• ### Thanks in advance. Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle...

Thanks in advance. Exercise 10-10 Installment note amortization table LO C1 On January 1, 2018, Eagle borrows \$19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of \$5,737, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B1. Table B.2. Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. (Round all amounts to the nearest...

• ### Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows...

Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows \$18,000 cash by signing a four-year. 9% installment note. The note requires four equal payments of \$5,556, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (B) (C) (D) Period Ending Beginning Balance Debit Interest Expense Debit Notes Payable Credit...

• ### Exercise 10-10 Installment note with equal total payments LO C1 On January 1 2017. Eagle borrows...

Exercise 10-10 Installment note with equal total payments LO C1 On January 1 2017. Eagle borrows \$28,000 cash \$8,081, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Iable 81 Table B.2. Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) by signing a four-year, 6% installment note. The note requires four equal payments of Prepare an amortization table for this installment note. Payments Period Ending Beginning Debit Interest Debit...

Free Homework App