Refer to M10-18. Prepare CCC’s required journal entries on (a) January 1, 2018; (b) December 31, 2018; (c) December 31, 2019; (d) December 31, 2020; and (e) December 31, 2021.

Data from M10-18:

Transcribed Image Text:

Beginning Interest Repaid Principal Ending Year Note Payable Expense on Note Payable Note Payable 1 30,000 1,500 6,960 23,040 2 23,040 1,152 7,308 15,732 15,732 787 7,673 8,059 4 8,059 401 8,059 Total 3,840 30,000