The Decadent Ice Cream Company signed a $250,000, 15-year, 9% note payable to finance the expansion of

Question:

The Decadent Ice Cream Company signed a $250,000, 15-year, 9% note payable to finance the expansion of its business on January 1. The terms provide for semiannual payments of $15,350 on June 30 and December 31. Use the accounting equation to record the receipt of the proceeds of the loan and the first two payments.