On January 1, 2015, Yeargan Company obtained an $125,000, seven year 5% installment note from Farmers Bank. The note requires annual payments of $21,602, with the first payment occurring on the last day of the fiscal year. The first payment consists of $6,250 interest and principal repayment of $15,352.
Requirement:

(1)

Question

On January 1, 2015, Yeargan Company obtained an $125,000, seven year 5% installment note from Farmers Bank. The note requires annual payments of $21,602, with the first payment occurring on the last day of the fiscal year. The first payment consists of $6,250 interest and principal repayment of $15,352.
Requirement:

(1)

On January 1, 2015, Yeargan Company Obtained an $125,000, Seven