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At January 1, 2018, Brant Cargo acquired equipment by issuing a six-year, $100,000 (payable at...

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Accounting

At January 1, 2018, Brant Cargo acquired equipment by issuing a six-year, $100,000 (payable at maturity), 6% note. The market rate of interest for notes of similar risk is 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required:

1. to 3. Prepare the necessary journal entries for Brant Cargo.

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