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On January? 1, 2018, Allgood Company purchased equipment andsigned a? six-year mortgage note for?...

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Accounting

On January? 1, 2018, Allgood Company purchased equipment andsigned a? six-year mortgage note for? $186,000 at? 15%. The notewill be paid in equal annual installments of? $49,148, beginningJanuary? 1, 2019. Calculate the portion of interest expense paid onthe third installment.? (Round your answer to the nearest whole?number.)

A. ?$21,048

B. ?$49,148

C. ?$27,900

D. ?$164,752

Answer & Explanation Solved by verified expert
4.1 Ratings (703 Votes)
THE ANSWER IS A 21048 CALCULATIONS ARE SHOWN BELOW Installment includes principal and interest So 49148 includes principal plus interest paid each year FIRST YEAR ie FROM JAN 1 2018 TO JAN 1 2019    See Answer
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Transcribed Image Text

In: AccountingOn January? 1, 2018, Allgood Company purchased equipment andsigned a? six-year mortgage note for? $186,000...On January? 1, 2018, Allgood Company purchased equipment andsigned a? six-year mortgage note for? $186,000 at? 15%. The notewill be paid in equal annual installments of? $49,148, beginningJanuary? 1, 2019. Calculate the portion of interest expense paid onthe third installment.? (Round your answer to the nearest whole?number.)A. ?$21,048B. ?$49,148C. ?$27,900D. ?$164,752

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