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On May 1, 2018, Wolfpack Inc., a calendar year-end company, purchased land by issuing a...

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Accounting

On May 1, 2018, Wolfpack Inc., a calendar year-end company, purchased land by issuing a 3-year, 10%, note having a face value of $300,000. The note is to be paid back in three equal installments of $120,634 on May 1, 2019, May 1, 2020, and May 1, 2021. Wolfpack uses the effective interest method and has a borrowing rate of 10%.

Build and present the amortization table

Prepare the journal entry to record the first installment payment on May 1, 2019

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