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I need and urgent HELPPP!!! could you please help mee?????? utgent pleaseee
The Pretty Good Corporation (PGC) received a non-interest bearing, 3-year promissory note on January 1, 20X7 in exchange for first time, specialized services rendered. The face amount of the note is $10,000 and the current market rate of interest is 9%, compounded annually.
REQUIRED: (Round your answer to the nearest dollar):
- Prepare the journal entry to record the sale on January 1, 20X7. (Show all computations to receive full credit).
- Prepare the amortization table using the effective interest rate method.
- Prepare the journal entry to record the first years interest accrual on December 31, 20X7.
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