On November 1, 2019, Phillips Corporation raised $2,382,041.19 by issuing a five-year, $3,500,000 noninterest-bearing note. The amortization
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On November 1, 2019, Phillips Corporation raised $2,382,041.19 by issuing a five-year, $3,500,000 noninterest-bearing note. The amortization table for the note follows. Make the entries for the note from November 1, 2019, to December 31, 2020.
Transcribed Image Text:
Period Payment Interest 11/1/19 11/1/20 $0.00 $190,563.30 11/1/21 0.00 205,808.36 11/1/22 0.00 222,273.03 0.00 240,054.87 0.00 259,259.25 11/1/23 11/1/24 Discount Left Face Value Carrying Value $2,382,041.19 $1,117,958.81 $3,500,000 927,395-51 3,500,000 2,572,604.49 721,587.15 3,500,000 2,778,412.85 499,314.12 3,500,000 3,000,685.88 259,259.25 3,500,000 3,240,740.75 3,500,000 3,500,000.00 0.00
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The entries for the note from November 1 2019 to December 31 2020 are November 1 2019 Cash 23820411...View the full answer
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Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
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