EA&Y, Inc. borrowed $350,000 on January 1, 2022, with a 6% interest rate. It will make a
Question:
EA&Y, Inc. borrowed $350,000 on January 1, 2022, with a 6% interest rate. It will make a payment of $101,007 annually (beginning December 31, 2022) until the note is paid off on December 31, 2025. The company’s fiscal year ends on December 31. The payment includes interest and principal.
Required
a. Prepare the journal entry to record the issuance of the note payable.
b. Prepare the amortization table for the note.
c. What is the journal entry at December 31, 2022?
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a At inception we make the following journal entry b The first interest payment is 21000 350000 ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 9780136946694
3rd Edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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