On January 1, 2017, Jackson Corporation issued a 4-year, 12%, $20,000 installment note payable. The payment on this note is $6,585 and is paid annually at year-end beginning December 31, 2017. Complete the following amortization schedule.
$$\begin{array} { | c | l | l | l | l | }
\hline \text { Date } & \text { Cash } & \text { Interest Expense } & \text { Amortization } & \text { Carrying Value } \
\hline \text { Jan. 1, 2017 } & & & & \
\hline \text { Dec. 31, 2017 } & & & & \
\hline \text { Dec. 31, 2018 } & & & & \
\hline \text { Dec. 31, 2019 } & & & & \
\hline \text { Dec. 31, 2020 } & & & & \
\hline
\end{array}$$

Question

On January 1, 2017, Jackson Corporation issued a 4-year, 12%, $20,000 installment note payable. The payment on this note is $6,585 and is paid annually at year-end beginning December 31, 2017. Complete the following amortization schedule.
 $$\begin{array} { | c | l | l | l | l | } 
\hline \text { Date } & \text { Cash } & \text { Interest Expense } & \text { Amortization } & \text { Carrying Value } \
\hline \text { Jan. 1, 2017 } & & & & \
\hline \text { Dec. 31, 2017 } & & & & \
\hline \text { Dec. 31, 2018 } & & & & \
\hline \text { Dec. 31, 2019 } & & & & \
\hline \text { Dec. 31, 2020 } & & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On January 1, 2017, Jackson Corporation issued a 4-year, 12%, $20,000 installment note payable. The payment on this note is $6,585 and is paid annually at year-end beginning December 31, 2017. Complete the following amortization schedule.
 $$\begin{array} { | c | l | l | l | l | } 
\hline \text { Date } & \text { Cash } & \text { Interest Expense } & \text { Amortization } & \text { Carrying Value } \
\hline \text { Jan. 1, 2017 } & & & & \
\hline \text { Dec. 31, 2017 } & & & & \
\hline \text { Dec. 31, 2018 } & & & & \
\hline \text { Dec. 31, 2019 } & & & & \
\hline \text { Dec. 31, 2020 } & & & & \
\hline
\end{array}$$

On January 1, 2017, Jackson Corporation Issued a 4-Year, 12