The broad street company borrows $975,050 by issuing an 8%, seven-year not on January 1, 2014. Broad street must make payments of principal an interest every six months, beginning June 30, 2014. The not will be fully paid at maturity on December 31, 2020. The company's fiscal year ends on December 31.

a. Prepare the journal entry to record the issuance of the note payable.

b. Prepare the and amortization table.

c. Prepare the journal entry to record payments for the first year.

d. What is the amount of the note payable on the balance sheet at December 31, 2014, What is the interest expense for the year?

Answer rating: 100% (QA)

a The journal entry to record the issuance ... View the full answer