Question

On January 2, 2014, the Casual Elite Co. acquired land by issuing a 6%, three-year note for $200,000. The note will be paid in three annual payments of $74,822 each December 31. The payment schedule follows:


Required
1. Prepare the entry to:
a. Issue the note on January 2, 2014.
b. Record the annual payment on December 31, 2014.
2. Show how the note will appear on the December 31, 2014, balancesheet.


$1.99
Sales1
Views96
Comments0
  • CreatedJanuary 08, 2015
  • Files Included
Post your question
5000