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Prepare necessary journal entries to record amount of loan

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On Jan 1, 2020 Joan Messineo borrowed $25,000 from City Bank NA @ 10% annual rate of interest to be repaid over 3 years. The loan is amortized into 3 equal, annual, end-of-year payments. The value each instalment is $10,052.

Problem a. You are required to make a loan amortization schedule and in order to compute the amount of interest included in each instalment

Problem b. Prepare necessary journal entries to record the amount of loan on Jan 1 2020, and year-end payment of interest and principal on Dec 31 2020, 2021 & 2022

Reference no: EM132621487

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