Required Information [The following information applies to the questions displayed below] On January 1, Year...
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Required Information [The following information applies to the questions displayed below] On January 1, Year 1, Mayberry Company borrowed cash from Central Bank by issuing a $78,000 face value 3-year instaliment note payable that carrled a 9% interest rate. The note is to be repaid by making annual cash payments of $30,814.27, which includes both principal and interest. The payments are to be made on December 31 of each year. Required: o) Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on principal and interest for Year 1. Year 2 , and Year 3 and the loan balance at the end of each year. Note: Enter all your values os positive values. Round your answers to 2 decimal places. To fully llquldate the llability, the finel payment may need to be odjusted slightly because of rounding differences
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