1 answer

9. (LO 5) AP Zhang Inc. issues a $497,000, 3-year, 7% instalment note payable on January...

Question:

9. (LO 5) AP Zhang Inc. issues a $497,000, 3-year, 7% instalment note payable on January 1. The note will be paid in three annual blended payments of $189,383 each. What is the amount of interest expense that should be recognized by Zhang in the second year?

  1. $21,533
  2. $23,193
  3. $23,968
  4. $34,790

10. (LO 5) AP Assume that the note issued by Zhang Inc. in question 9 above will be paid with fixed principal payments of $165,667 each. What is the amount of interest expense that should be recognized by Zhang in the second year?

  1. $25,628
  2. $23,193
  3. $11,596
  4. $34,790

Answers

Question 9: 0/s Bal at Installment Closing Year Interest Principal beginning Amount Balance 1 $ 497,000 $ 189,383 $ 34,790 $


Question 10: 0/s Bal at Fixed Installment Closing Year Interest beginning Principal Amount Balance 1 $ 497,000 $ 165,667 $ 34

.

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