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On December 31,2015,Galaxy Ltd Purchased Two New Trucks for $260,000

Question 134

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On December 31,2015,Galaxy Ltd purchased two new trucks for $260,000.Galaxy paid $60,000 down and signed a $200,000,5-year,10% note for the balance.The note is to be paid off in five annual payments beginning December 31,2016.Assume the installments are to consist of equal amounts of principal plus accrued interest.
Prepare an amortization table using the format below. On December 31,2015,Galaxy Ltd purchased two new trucks for $260,000.Galaxy paid $60,000 down and signed a $200,000,5-year,10% note for the balance.The note is to be paid off in five annual payments beginning December 31,2016.Assume the installments are to consist of equal amounts of principal plus accrued interest. Prepare an amortization table using the format below.

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