On January 1 of the current year, Eagle Company borrows $100,000 cash by signing a
four-year, 7% installment note. The note requires four equal payments of $29,523,
consisting of accrued interest and principal on December 31 of each of the four years.
Principal
Term
Interest rate
Annual payments
$100,000
4 years
7%
$29,523
Required:
Prepare an amortization table for this installment note.
Period Ending
Date
12/31/2024
12/31/2025
12/31/2026
12/31/2027
Total
(A) Beginning
Balance
Payments
(B) Debit
Interest Expense
(C) Debit Notes
Payable
(D) Credit Cash
(E) Ending
Balance