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Prepare an amortization table for the five-year notes

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Reference no: EM132940062

On January 1, 2020, Yankees Corp. grants a loan to Orioles Company and receives a $100,000, five-year note, bearing interest at 4% with interest payable semi-annually. The market rate for similar loans with similar credit risks is 6%.

Instructions

Problem 1: From the Yankees' perspective, calculate the present value of this loan. Please round your answer to the nearest dollar.

Problem 2: Prepare the journal entry to record this transaction.

Problem 3: With proper format and headings, prepare an amortization table for the above-mentioned five-year notes from the inception day to June 30, 2021.

Reference no: EM132940062

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