On January 1, 2017, Gee Company issued a 2-year, 8%, $20,000 installment note payable. The payment on this note is $11,215 and is paid annually at year-end beginning December 31, 2017. When the note was issued, the market rate of interest was 8%. Complete the following amortization schedule.
$$\begin{array} { | c | l | l | l | l | }
\hline \text { Date } & \text { Cash } & \text { Interest Expense } & \text { Principal } & \text { Carrying Value } \
\hline 1 / 1 / 17 & & & & \
\hline 12 / 31 / 17 & & & & \
\hline 12 / 31 / 1 & & & & \
\hline
\end{array}$$

Question

On January 1, 2017, Gee Company issued a 2-year, 8%, $20,000 installment note payable. The payment on this note is $11,215 and is paid annually at year-end beginning December 31, 2017. When the note was issued, the market rate of interest was 8%. Complete the following amortization schedule.
 $$\begin{array} { | c | l | l | l | l | } 
\hline \text { Date } & \text { Cash } & \text { Interest Expense } & \text { Principal } & \text { Carrying Value } \
\hline 1 / 1 / 17 & & & & \
\hline 12 / 31 / 17 & & & & \
\hline 12 / 31 / 1 & & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On January 1, 2017, Gee Company issued a 2-year, 8%, $20,000 installment note payable. The payment on this note is $11,215 and is paid annually at year-end beginning December 31, 2017. When the note was issued, the market rate of interest was 8%. Complete the following amortization schedule.
 $$\begin{array} { | c | l | l | l | l | } 
\hline \text { Date } & \text { Cash } & \text { Interest Expense } & \text { Principal } & \text { Carrying Value } \
\hline 1 / 1 / 17 & & & & \
\hline 12 / 31 / 17 & & & & \
\hline 12 / 31 / 1 & & & & \
\hline
\end{array}$$

On January 1, 2017, Gee Company Issued a 2-Year, 8