On January 1, 2020, Botosan Company issued a $1,200,000, 5-year, zero-interest-bearing note to National Organization...
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On January 1, 2020, Botosan Company issued a $1,200,000, 5-year, zero-interest-bearing note to National Organization Bank. The note was issued to yield 8% annual interest. Unfortunately, during 2021 Botosan fell into financial trouble due to increased competition. After reviewing all available evidence on December 31, 2021, National Organization Bank decided that the loan was impaired. Botosan will probably pay back only $800,000 of the principal at maturity.
Prepare the aging schedule in Excel using good form. When possible use formulas for addition, subtraction, multiplication and summations.
Please show what formulas for the addition, subtraction, multiplication and summations you used if possible. I have not been taught on how to use Excel very well and want to learn.
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