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Entries for Instaliment Note Transactions On January 1, Year 1, Bryson Company obtained a...

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Accounting

Entries for Instaliment Note Transactions
On January 1, Year 1, Bryson Company obtained a $47,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $14,507, beginning on December 31, Year 1.
a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4.
Note: Enter all amounts to the nearest whole dollar. Round Year 4 Interest Expense (up or down) to ensure the carrying amount is zero at the end of the note term.
Amortization of Installment Notes
\table[[\table[[Year Ending],[December 31]],\table[[January 1],[Carrying Amount]],\table[[Note Payment],[(Cash Paid)]],\table[[Interest Expense],[(9% of January 1],[Note Carrying],[Amount)]],\table[[Decrease In],[Notes Payable]],\table[[December 31],[Carrying Amount]]],[Year 1,$,$,$,$,$
Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits.
Year 4 Dec. 31 Interest Expense vv
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