nstallment Notes

Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on December 31, 2014. Dandy will make 12 monthly payments of $3,914.50 at the end of each month.

Required:

Hide Prepare the amortization table using the effective interest rate method. (Note: Round to the nearest cent). If an amount box does not require an entry, leave it blank or enter "0". Dandy Candy Amortization Table Period Cash Payment (Credit) Interest Expense (Debit) Reduction of Note Payable (Debit) Note Payable Balance At issue $ $ $ $ 01/31/15 $ $ $ $ 02/28/15 $ $ $ $ 03/31/15 $ $ $ $ 04/30/15 $ $ $ $ 05/31/15 $ $ $ $ 06/30/15 $ $ $ $ 07/31/15 $ $ $ $ 08/31/15 $ $ $ $ 09/30/15 $ $ $ $ 10/31/15 $ $ $ $ 11/30/15 $ $ $ $ 12/31/15 $ $ $ $