Entries for Installment Note Transactions four-year, 996 installment note from Campbell Bank. The note requires...
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Entries for Installment Note Transactions four-year, 996 installment note from Campbell Bank. The note requires annual payments of $3,704, begi On January 1, Year 1, Bryso December 31, Year 1. Company obtained a $12,000 xpense to the nearest w a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4 Enter all amounts as positive numbers. . Round the computation of the interest e Amortization of Installment Notes Year Ending December 31 Interest Expense (9% of January 1 Note Carrying Amount) December 31 Carrying Amount Decrease in January 1 Carrying Amount Note Payment (Cash Paid) Notes Payable Year 1 Year 2 Year 3 Year 4 b. Journalize the entries for the issuance of the note and the four annual note payments. For a compound transaction, if an amount box does not require an entry, leave blank. Year 1 Jan. 1 Year 1 Dec. 31
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