On January 1, 2016, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The
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On January 1, 2016, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31, 2016.
a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4.
b. Journalize the entries for the issuance of the note and the four annual note payments.
c. Describe how the annual note payment would be reported in the 2016 income statement.
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a b c For the Year Ending Dec 31 2016 Dec 31 2017 Dec 31 2018 Dec 31 201...View the full answer
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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