Entries for Instalment Note Transactions On January 1 of Year on December 31 of Year...
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Entries for Instalment Note Transactions On January 1 of Year on December 31 of Year 1. 1, Bryson Company obtained a $66,000, four-year, 8% installment note from Campbell Ban k. The note requires annual payments of $19,927, beginning a. Prepare an amortization table for this installiment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar Enter all amounts as positive numbers. Amortization of Installment Notes Interest Experse (8% of January 1 Note Payment December 31 For the Year Ending Carrying Amount (Cash Paid) Note Carrying Amount) Notes Payable Carrying Amou January 1 Decrease in Year 1 Year 2 Year 3 Year 4 Accounting numeric field 1477 b. Journalize the entries for the issuance of the note and the four annual note payments. Ir an amount box does not require an entry, leave it blank Year 1 Jan. I1 Year 1 Dec. 31
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