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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
النسخة 22الرقم المعياري الدولي: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
النسخة 22الرقم المعياري الدولي: 978-0077862275 تمرين 9
On November 1, 2015, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal total payments each year on October 31.
Required
1. Compute the total amount of each installment payment.
2. Complete an amortization table for this installment note similar to the one in Exhibit 14.14.
3. Prepare the journal entries in which Norwood records ( a ) accrued interest as of December 31, 2015 (the end of its annual reporting period) and ( b ) the first annual payment on the note.
Reference: Exhibit 14.14
Required
1. Compute the total amount of each installment payment.
2. Complete an amortization table for this installment note similar to the one in Exhibit 14.14.
3. Prepare the journal entries in which Norwood records ( a ) accrued interest as of December 31, 2015 (the end of its annual reporting period) and ( b ) the first annual payment on the note.
Reference: Exhibit 14.14
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A bond refers to a security generally us...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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