Exercise 10-2A Amortization schedule for an installment note LO 10-1 On January
ID: 2528091 • Letter: E
Question
Exercise 10-2A Amortization schedule for an installment note LO 10-1 On January 1, 2016, Beatie Co. borrowed $350,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,841. Payments are to be made December 31 of each year, beginning December 31, 2016 Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.) BEATIE Cco Amortization Schedule $350,000, 5-Yr. Term Note, 5% Interest Rate Prin. Bal on Jan. 1 Cash Pay. Dec. 31 Applied to Interest Applied to Principal Prin. Bal End of Period year 2016 2017 2018 2019 2020Explanation / Answer
Beatie Co ‘s Amortization schedule ( $ 350000, 5-year term note, 5% interest rate )
Year
Principal on jan1
Cash pay
Dec 31
Applied to Interest
Applied to Principal
Principal bal. End of Period
2016
$ 350000
$ 80841
$ 17500
$ 63341
$ 286659
2017
$ 286659
$ 80841
$ 14333
$ 66508
$ 220151
2018
$ 220151
$ 80841
$ 11008
$ 69833
$ 150318
2019
$ 150318
$ 80841
$ 7516
$ 73325
$ 76993
2020
$ 76993
$ 80841
$ 3850
$ 76991
$ 0
Notes : -
Year
Principal on jan1
Cash pay
Dec 31
Applied to Interest
Applied to Principal
Principal bal. End of Period
2016
$ 350000
$ 80841
$ 17500
$ 63341
$ 286659
2017
$ 286659
$ 80841
$ 14333
$ 66508
$ 220151
2018
$ 220151
$ 80841
$ 11008
$ 69833
$ 150318
2019
$ 150318
$ 80841
$ 7516
$ 73325
$ 76993
2020
$ 76993
$ 80841
$ 3850
$ 76991
$ 0
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