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Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $58,000, four-year, 10% installment note from Campbell Bank. The note requires annual payments of $18,297 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 Amortization of Installment Notes Interest Expense (10% of January 1 Note Carrying Amount) Year Ending December 31 Year 1 Year 2 Year 3 Year 4 January 1 Carrying Amount Year 1 lan 1 Note Payment (Cash Paid) Decrease in Notes Payable December 31 Carrying Amount 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 to ensure that debits equal credits. Proy

On January 1, Year 1, Eryson Company obtained a $58,000, four-year, 10% installment note from Campbeil Bank. The note requires annual payments of $18,297 beginning on December 31, Year 1. a. Prepare an amortization table for this instaliment 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 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 to ensure that debits equal credits

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