On November 1, 2009, Norwood borrows $700,000 cash from a bank by signing a five-year installment note bearing 7% interest.
The note requires equal total payments each year on October 31. (Assume no reversing entries are used. Round your table value to 4 decimal places.Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
2.value:
| 2. |
Complete an amortization table for this installment note similar to the one in Exhibit 10.14. (Please calculate interest expense in the final period as the amount of cash minus the amount of the Beginning balance. Leave no cells blank - be certain to enter "0" wherever required.)
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Payments |
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| Period Ending Date |
Beginning Balance |
Debit Interest Expense |
Debit Notes Payable |
Credit Cash |
Ending Balance |
| 10/31/2010 |
$ |
$ |
$ |
$ |
$ |
| 10/31/2011 |
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| 10/31/2012 |
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| 10/31/2013 |
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| 10/31/2014 |
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$
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$
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$
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