The following amortization schedule indicates the interest and principal that Chips Cookie Corporation (CCC) must...
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Accounting
The following amortization schedule indicates the interest and principal that Chips Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31.
Year
Beginning Notes Payable
Interest Expense
Repaid Principal on Notes Payable
Ending Notes Payable
1
62,000
7,440
12,973
49,027
2
49,027
5,883
14,530
34,497
3
34,497
4,140
16,273
18,224
4
18,224
2,187
18,224
0
Total
19,650
62,000
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 December 31, 2021 (Year 1); (c) the note payable balance at January 1, 2024; and (d) the total interest and total principal paid over the notes entire life. (Round your answers to the nearest whole dollar amount.)
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