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Prepare an installment payments schedule

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Question - Laverne purchased a new piece of Equipment to be used in its new facility. The $450,000 piece of equipment was purchased with a $45,000 down payment and with cash received through the issuance of a $405,000, 9%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $104,122 an December 31.

Required - Prepare an installment payments schedule for the first five payments of the notes payable.

Reference no: EM131630010

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