FinanceCo lent $8.2 million to Corbin Construction on January 1,2024, to construct a playground. Corbin...
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Accounting
FinanceCo lent $ million to Corbin Construction on January to construct a playground. Corbin signed a threeyear, installment note to be paid in three equal payments at the end of each year.
Required:
Prepare the journal entry for FinanceCos lending the funds on January
Prepare an amortization schedule for the threeyear term of the installment note.
Prepare the journal entry for the first installment payment on December
Prepare the journal entry for the third installment payment on December
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