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

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Accounting

Exercise 10-10 Installment note with equal total payments LO C1

On January 1, 2017, Eagle borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (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. Need it ASAP

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Payments Period Ending Date 2017 2018 2019 2020 Total eginning Debit Interest Debit Notes Credit Ending Balance Expense Payable Cash Balance

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