Question: 4. value: 1.37 points Exercise 9-2 Record installment notes (LO9-2) On January 1, 2018, Tropical Paradise borrows $33,000 by agreeing to a 6%, four-year note

value: 1.37 points

Exercise 9-2 Record installment notes (LO9-2)

On January 1, 2018, Tropical Paradise borrows $33,000 by agreeing to a 6%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $775.01 are due at the end of each month with the first installment due on January 31, 2018.

Required:

Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

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