Tricana Corporation borrowed $75,000.00 at 3% compounded monthly for 14 years to buy a warehouse. Equal payments are made at the end of every month.(a)(b)(c)(d)Determine the size of the monthly payments.Compute the interest included in payment 23.Determine the principal repaid in payment period 79.Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.(a) The size of the monthly payment is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)(b) The interest included in payment 23 is $.(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)(c) The principal repaid in payment period 79 is $.(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)(d) Complete the table below for the first three payments in the schedule.(Do not round until the final answer. Then round to the nearest cent as needed.)Payment NumberAmount PaidInterest PaidPrincipal RepaidOutstanding Principal Balance$75,000.001

Borrowed amount is $75,000.00 Interest rate is 3% compounded monthly Time period is 14 years To…

Answered: Tricana Corporation borrowed $75,000.00…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
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