Copycentre Inc. financed the purchase of a new high-speed photocopier on January 1, 2019 by...
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Copycentre Inc. financed the purchase of a new high-speed photocopier on January 1, 2019 by making a cash down payment of $7,500 and issuing a $22,500 two-year, 8% note payable for the balance. The note is payable in four equal semi-annual blended payments of $6,200 due on June 30 and December 31 of each year. REQUIRED: a. Record the purchase of the copier (no description is required). b. Prepare the amortization table for the note payable for the first year (First two payments). c. Record the first payment made on the note (no description is required).
