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Adam Baum Company borrowed $63,000 from B. A. Ware on January 1, 2018, and signed...

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Accounting

Adam Baum Company borrowed $63,000 from B. A. Ware on January 1, 2018, and signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 6% is 2.67301. Required: Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.)

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