Business, 06.05.2021 02:50 dayanara72

The following amortization schedule indicates the interest and principal to be repaid on an installment note established january 1, 2018, for a company with a march 31 year-end. beginning note interest repaid principal on ending note year payable expense note payable payable 1 10,000 400 2,355 7,645
2 7,645 306 2,449 5,196
3 5,196 208 2,547 2,649
4 2,649 106 2,649 0
total 1,020 10,000
required: assuming the company makes the required annual payments on december 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment, (b) the amount of interest expense to report in the year ended march 31, 2018, (c) the amount of interest expense to report in the year ended march 31, 2019, (d) the note payable balance at january 1, 2021, and (e) the total interest and total principal paid over the notes entire life.

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