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Calculate the annual principle payment

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Question - On January 1, 2021, Cullumber Corp. borrows $15,600 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year.

Calculate the annual principle payment.

Prepare an instalment payment schedule for the note.

Prepare journal entries to record the note and the first instalment payment.

What amounts would be reported as current and non-current in the liabilities section of Cullumber's balance sheet at December 31, 2021?

Reference no: EM133121190

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