Question

On January 1, 2014, Bye Bye Manufacturing borrowed $84,000 from the bank. Interest is calculated at the rate of 4% and the term of the note is four years. Four equal annual payments will be made in the amount of $23,141 each December 31. The payment schedule is shown below:


Show how Bye Bye Manufacturing will show the note on its year-end:
1. December 31, 2014, balance sheet.
2. December 31, 2015, balancesheet.


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  • CreatedJanuary 08, 2015
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