?Part a) is completed, please solve PART B) Assad Inc. issued a five-year, 6% in

Question

?Part a) is completed, please solve PART B)

Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed:

Part a) is completed, please solve PART B)

? (a) [v] Your answer is correct Fill in the missing amounts Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance $30,000 24,000 18000 Issue date 1800 6000 $7,800 6000 7,440 1,440 1,080 720 7080 6000 12000 4 6000 6,720 6,000 6000 6,360 360

Explanation / Answer

Current portion $6,000 Non-Current portion $6,000

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