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On January 1, 2013, Mixon Co. borrowed cash from First City Bank by issuing a $90,000 face value, three-year term note that had a 7 percent annual interest rate. The note is to be repaid by making annual payments of $34,295 that include both interest and principal on December 31. Mixon invested the proceeds from the loan in land that generated lease revenues of $45,000 cash per year.
Required:
a. Prepare an amortization schedule for the three-year period.
b. Prepare an income statement, balance sheet, and statement of cash flows for each of the three years.
c. Does cash outflow from operating activities remain constant or change each year? Explain.
Recognize situations that present potential legal and ethical issues and develop solutions for those issues. Discuss the opportunities provided by technology for businesses.
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Use the information in RE21 3. Prepare the journal entries that Richie Company (the lessor) would make in the first year of the lease assuming the lease is classified as a sales type lease. Assume that the lessee is required to make payments on Decem..
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