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  3. on january 1, 2018, king inc. borrowed $200,000 an

On January 1, 2018, King Inc. borrowed $200,000 and signed a 4-year, note payable with...

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Accounting

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On January 1, 2018, King Inc. borrowed $200,000 and signed a 4-year, note payable with a 10% interest rate. Each annual payment is in the amount of $59,569 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 nted to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank. Jan. 1 Note Payable Cash Dec. 31 Note Payable Interest Expense Cash

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