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Provides an installment note schedule

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Question - ABC Compny purchase the asset for $1.5 million and obtain secured loan from its bank.

The terms of the loan call for principal payments each yearbeginning January 1, 2020, of $150,000.

The interest is to be paid annually each January 1st and is fixedat 8%, which is consistent with the market rate of this type of loan. They are required to maintain a specified debt to equity ratio or the loan will become immediately payable.

Provides an installment note schedule?

Prepare journal entry for purchase, initial loan and all other related entries for 2020.

Reference no: EM133051010

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