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b. Joumalize the entries for the issuance of the note and the four annual note...

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Accounting

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b. Joumalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits. Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $22,000, four-year, 12% installment note from Campbell Bank. The note requires annual payments of $7,243, beginning on December 31 , Year 1 . a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Enter all amounts to the nearest whole dollar. Round Year 4 Interest Expense (up or down) to ensure the carrying amount is zero at the end of the note term. b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, If an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits. c. How will the annual note payment be reported in the Year 1 income statement? of 5 would be reported on the income statement

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