Business, 30.07.2021 03:00 texas101st78

On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $55,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,873 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $26,950 cash per year. Required
Prepare an amortization schedule for the four-year period.

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On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $55,000 face value, four-...