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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 $350,000 piece of equipment was purchased with a $52,500 down payment and with cash received through the issuance of a $297,500, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $72,557 on December 31.

Prepare an installment payments schedule for the ?rst ?ve payments of the notes payable.

Reference no: EM132539174

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