Unformatted text preview: (a) Prepare journal entries for the $1,000,000 loan to record the loan's issuance (April 1, 20X3); accrued interest at December 31, 20X3; the interest payment on March 31, 20X4; accrued interest at December 31, 20X4; and the final payment at maturity (March 31, 20X5). (b) Calculate the required quarterly payment for the 5-year loan. (c) Prepare journal entries to record the 5-year loan, and its first two quarterly payments. (d) Optional: Use an electronic spreadsheet to prepare a 20-quarter amortization schedule, showing how the loan will be fully amortized by its maturity....
View Full Document
This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11