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On January 1, 2023, Martineau Corp. issued a 5-year, 3% installment note payable for $128,000...

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Accounting

On January 1, 2023, Martineau Corp. issued a 5-year, 3% installment note payable for $128,000 to finance upgrading its current equipment. The companys year end is December 31. The repayment of $13,880 is done semi-annually on January 1 and July 1.

Do not enter dollar signs or commas in the input boxes.
Round all answers to the nearest whole dollar.

Assuming an equal installment amount of $13,880, fill in the following table and determine the total interest expense incurred over the 5-year term. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0.

Date Cash Payment Interest Expense Reduction of Principal Principal Balance
Jul 1, 2023 Answer Answer Answer Answer
Jan 1, 2024 Answer Answer Answer Answer
Jul 1, 2024 Answer Answer Answer Answer
Jan 1, 2025 Answer Answer Answer Answer
Jul 1, 2025 Answer Answer Answer Answer
Jan 1, 2026 Answer Answer Answer Answer
Jul 1, 2026 Answer Answer Answer Answer
Jan 1, 2027 Answer Answer Answer Answer
Ju1 1, 2027 Answer Answer Answer Answer
Jan 1, 2028 Answer Answer Answer Answer

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