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The following instalment payment schedule is for an instalment note payable: Cash Payment Interest Expense...

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Accounting

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The following instalment payment schedule is for an instalment note payable: Cash Payment Interest Expense Reduction of Principal Interest Period Jan. 1.2021 Jan 1, 2022 Jan. 1.2023 Jan. 1. 2024 Jan 1.2025 Jan. 1. 2026 $22.636 22.636 22.636 22.636 22,636 $4.900 4.013 3,082 2.104 1,081 $17.736 18,623 19,554 20.532 21.555 Principal Balance $98.000 80.264 61.641 42,087 21,555 0 (a) Is this a fixed principal or blended payment schedule? e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. e lextbook and Media List of Accounts Attempts: 1 of 3 used Prepare the journal entry to record the first instalment payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Jan. 2022 (To record payment on note.) Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit

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