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Calculate the size of each of the four equal payments

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On December 31, 2020, KEC Environmental Corp. borrowed $104,000 by signing a four-year, 9.0% Installment note. The note requires four equal payments of accrued interest and principal on December 31 of each year from 2021 through 2024.

Question a. Calculate the size of each of the four equal payments.

Question b. need amortization table for this Installment note.

Question c. journal entries that KEC Environmental Corp. would make to record the loan on December 31, 2020, and the four payments starting on December 31, 2021, through the final payment on December 31, 2024.

Reference no: EM132488785

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