50.1K

Verified Solution

Link Copied!

please help me check my answers and fix the ones that are wrong or not answered.

The following amortization schedule indicates the interest and principal to be repaid on an installment note established January 1. 2021, for a company with a March 31 fiscal year-end. Required: LAssuming the company makes the required annual payments on December 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment (b) the amount of Interest Exponse to report in the year ended March 31,2021, ( C ) the amount of Interest Expense to report in the yosr ended March 31, 2022; (d) the Notes Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the note's entire life 2. Assuming the company makes adjustments at the end of each fiscal year, prepare the journal entries required on (a) January 1, 2021, and (b) March 31, 2021 . 1. Assuming the company makes the required annual payments on December 31 , use the amortization schedule to determine () the amount of the (rounded) annual payment; (b) the amount of interest Expense to report in the year ended March 31, 2021, (c) the amount of Interest Expense to report in the year ended March 31, 2022; ( q ) the Notes Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the note's entire life 2. Assuming the company makes acjustments at the end of each fiscal year, prepare the journal entries required on (a) January 1, 2021, and (b) March 31, 2021 Complete this question by entering your answers in the tabs below. Assuming the company makes the required annual payments on December 31 , use the amortiration schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of Interest Expense to report in the year ended March 31 , 2021: (c) the amount of Interest Expense to report in the vear ended March 31, 2022; (d) the Notes Payable balance at 1. Assuming the company makes the required annual payments on December 31 , use the amortization schedule to determine (a) the amount of the (rounded) annual payment (b) the amount of Interest Expense to report in the year ended March 3t, 2021; (c) the amount of Interest Expense to report in the year ended March 31, 2022; ( ( ) the Notes Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the note's entire life 2. Assuming the company makes acjustments at the end of each fiscal year, prepare the joumal entries required on (a) January 1,2021, and (bi) March 31,2021 . Complete this question by entering your answers in the tabs below. Assuming the company makes adjustments at the end of each fiscal year, prepare the journal entries required on (o) January 1,2021. and (b) March 31, 2021. (fir no entry is reculred for a transaction/event, select "No Joumal Entry Required" in the fint accours field. Oo not round Intermedisto calculations.)

Answer & Explanation Solved by verified expert

See Answer