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Prepare an amortization schedule

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Question - Lake Company sold some machinery to View Company on January 1, 20:41, for which the cash selling price was $758,200. View entered into an installment sales contract with Lake at a 10% interest rate. The contract required payments of $200,000 a year over five years with the first payment due on December 31, 20x1. Prepare an amortization schedule that shows what portion of each $200,000 payment will be shown as interest income over the period 20X1-20X5.

Reference no: EM133119199

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