Question: On January 2 2014 the Casual Elite Co acquired land

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.
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  • CreatedJanuary 08, 2015
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