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Calculate the amount of note payment

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Question - On January 2, 2022, Destruction Company signed a $100,000 note for a three-year, at 10% to be paid in three equal payments at the end of each year.

Required -

1. Calculate the amount of note payment.

2. Prepare an amortization schedule for the three-year term of the installment note.

3. Prepare journal entry for the first installment payment on December 31, 2022.

Reference no: EM133176384

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