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  3. on january 1, a company borrowed cash by issuing a

On January 1, a company borrowed cash by issuing a $490,000, 7%, installment note to...

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Accounting

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On January 1, a company borrowed cash by issuing a $490,000, 7%, installment note to be paid in three equal payments at the end of each year beginning December 31. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment. Answer is not complete. Complete this question by entering your answers in the tabs below. Annual Payment Amort Table General Journal What would be the amount of each installment? (Round final answers to the nearest whole dollar.) Table or calculator functions Amount Borrowed: I= Annual Payment 186,715

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