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On November 1, 2011, Leetch Ltd. borrows $400,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note needs equal total payments every year on October 31
Required:
1. Compute the total amount of every installment payment.
2. Complete an amortization table for this installment note.
Partners F and G receive an interest allowance of $10,000 and $15,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a net loss
definition of financial accounting concept
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