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Prepare Excel spreadsheet (Part 1) Download the 'Applying Excel' worksheet below and save it to your computer. View the tutorial video, and then complete the worksheet. Enter formulas in cells that contain question marks (only use formulas). After entering formulas in all of the cells that contain question marks, verify that the amounts match the example below. (a) Complete the amortization schedule Interest Expense Decrease in Carrying Value Date Cash Paid Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 115,436.60 115,436.60 115,436.60 115,436.60 24,000.00 18,513.80 12,698.44 6,534.15 91,436.60 96,922.79 102,738.16 108,902.45 Carrying Value 400,000.00 308,563.40 211,640.61 108,902.45 0.00 (b) Record issuance of the note Credit Debit 400,000.00 Cash Notes Payable 400,000.00 (c) Record the first installment payment Credit Dec. 31, 2021 Interest Expense Notes Payable Cash Debit 24,000.00 91,436.60 115,436.60 (d) Record the second installment payment Credit Dec. 31, 2022 Interest Expense Notes Payable Cash Debit 18,513.80 96,922.79 115,436.60 (a) Complete the amortization schedule Interest Expense Decrease in Carrying Value Date Cash Paid Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 118,091.25 118,091.25 118,091.25 118,091.25 28,000.00 21,693.61 14,945.78 7,725.60 90,091.25 96,397.63 103,145.47 110,365.65 Carrying Value 400,000.00 309,908.75 213,511.12 110,365.65 0.00 If you do not get this answer, review your worksheet and formulas and try again. AutoSave OFF A @@" Spiceland 5e_applyingexcel_ch9-1 Insert Home - Draw Page Layout Formulas Data Review View Tell me Share Comments X LG Calibri (Body! v 12 ~ Al A a Wras Text General v SB @ V V PH Paste B 1 ov A = = = - - Merge & Center $ % ) Insert Delete Format y Conditional Format Cell Formatting as Table Styles v Sort Filter Find & Select Analyze Date V A1 x x A B C D E F G H H . K M N 0 P. a R 8 1 2 View the tutorial, then complete the worksheet, replacing the question marks below with formulas 3 4 4 5 Required al Complete the amortization table based on the information below. b) Prepare the loumal entry to record the issuance of the note. c. Prepare the journal entry to record the first installment payment. Prepare the journal entry to record the second irstallment payment 7 Given Information Answers: 8 10 11 12 12 14 15 Loan amount Annual interest rate Number of years $400,000.00 6% 4 lal Complete the amortization schedule Cash Interest Date Paid Expense Decrease in Canyine Value Carrying Value Payments each period $115,436.60 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 ? 7. | 7 7 7 ? ? 7 ? ? 7 7 7 ? 3 7 7 ? 7 (b) Record issuance of the note Cash 7 Notes Payable (c) Record the first installment payment Dec 31, 2021 Interest Expense Notes Payable Cash 7 ? 17 18 19 20 21 22 29 24 26 26 27 28 29 30 31 32 22 34 35 36 97 38 35 40 (d) Record the second installment payment Dec. 31, 2022 Interest Expense Notes Payable Cash 2 . Uso Excel's PMT function to compute the monthly payment on a loan. In Cel C14. you can see how that works. We provide the basis loan information and the function will compute the payment. The function works ke this: =PMTrate, nper, M. type] - L......... -------------------------... ------------...................................----------------------..............---------- L LL Student Workbook + | 1 2 Ready # + + 100%

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