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Prepare an amortization schedule for the interest

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Accounting for an installment note payable with annual payments that include interest and principal. On January 1, 2010, Grant Co. borrowed $80,000 cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $23,087. Payments are to be made December 31 of each year, beginning December 31, 2010.

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Prepare an amortization schedule for the interest and principal payments for the four-year period.

Reference no: EM13506720

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