Monday, 18 March 2019

On November 1, 2015, Norwood borrows $430,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal total payments each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Required: 1. Complete the below table to calculate the total amount of each installment payment.

On November 1, 2015, Norwood borrows $430,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal total payments each year on October 31. (Table B.1Table B.2Table B.3, and Table B.4(Use appropriate factor(s) from the tables provided.)
 
Required:
1.
Complete the below table to calculate the total amount of each installment payment.
calculate the total amount of each installment payment

Complete an amortization table for this installment note.
Complete an amortization table for this installment note
Prepare the journal entries in which Norwood records the following:
  
(a) 
Accrued interest as of December 31, 2015 (the end of its annual reporting period).
Accrued interest as of December 31, 2015



Explanation:
Here

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