Question: Ironbound, Inc. borrows $ 150,000 by issuing a 12%, four- year note on Janu-ary 1, 2014. Ironbound must make payments of principal and interest every

Ironbound, Inc. borrows $ 150,000 by issuing a 12%, four- year note on Janu-ary 1, 2014. Ironbound must make payments of principal and interest every three months, beginning March 31, 2014. The note will be fully paid at on December 31, 2017. The company’s fiscal year ends on December 31. Prepare the journal entries at January 1, 2014, and March 31, 2014.

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