On January 1, Yeor 1, Bryson Company cotained a $163,500, fouryear, 12% instalment note from Campbet Bark. The note requires annual payonents of $53830. beginning on Decernbor 31, Year 1 : Required: a. Prepare an amortication table for this instatiment note, similar to the one presented in Ertibt 4 . Aound amounts to the nearest dovlar. If an amount box requires a zero, enter v : b. Joumalize the entries for the issuance of the note and the four annual note puymphts. Fieter to the chart of accounts for the exact wonding of the account fitles. CNOW joumals do nof use lines for jouma/ explanations. Every ine on a jocuna/ page is used for debit or crech entries. CNOW joumals wil automaticaly indent a credif entry when a credit amount is entered c. Describe how the annual nole payment would be reported in the Year t income stalement Amortization Table a. Prepare an anortization table for this instalment note, similar to the one presented in Conba 4 Enter all amounts to the nearest whole dollar, Round Vear 4 interest Exf (up or down) to ensuire the carrying amount is zero at the end of the note term. if an amount bax requives a zero, enter 0 : a censit anount a entered c. Describe how the annual note payment would be reported in the Year 1 income statement. Interest expense of would be reported on the income statement
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!