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On January 1, 2019 Bowlen Inc. gave a loan to Atwater Corp. in return for...

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Accounting

On January 1, 2019 Bowlen Inc. gave a loan to Atwater Corp. in return for a 4-year note receivable with a face value of 20,000 and a 5% stated interest rate. Interest payments are received annually on 12/31 and the note matures on December 31, 2022. The market rate for similar loans is 6%.

Date

Cash Received

Interest Revenue

Disc/Prem Amortized

Carrying Amount

1-Jan

Please prepare the necessary journal entries for Bowlen Inc. in 2019.

Please prepare the necessary journal entries for Bowlen Inc. in 2022.

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