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Prepare an amortization table for the five-year notes

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Reference no: EM133027744

Question - On January 1, 2020, Yankees Corp. grants a loan to Orioles Company and receives a $100,000, five-year note, bearing interest at 4% with interest payable semi-annually. The market rate for similar loans with similar credit risks is 6%.

Required -

From the Yankees' perspective, calculate the present value of this loan. Please round your answer to the nearest dollar.

Prepare the journal entry to record this transaction.

With proper format and headings, prepare an amortization table for the above-mentioned five-year notes from the inception day to June 30, 2021.

Reference no: EM133027744

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