JDS Enterprises borrowed $150,000 on February 1, 2018 to purchase equipment. JDS signed a $150,000, 6%,...

  

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JDS Enterprises borrowed $150,000 on February 1, 2018 to purchase equipment. JDS signed a $150,000, 6%, 8-year promissory note. The loan requires that JDS pays an annual, blended interest payment of $24,155 every January 31 until the note has been repaid. The first payment was paid on January 31, 2019. Do all calculations to the nearest dollar: Instructions a) Calculate the interest and principal payments for the first three years. Prepare the journal entries to record the creation of the note and the installment payments on January 31, 2019 and 2020. b) Prepare a partial balance sheet showing the notes payable as of year-end, January 31, 2019. JDS Enterprises borrowed $150,000 on February 1, 2018 to purchase equipment. JDS signed a $150,000, 6%, 8-year promissory note. The loan requires that JDS pays an annual, blended interest payment of $24,155 every January 31 until the note has been repaid. The first payment was paid on January 31, 2019. Do all calculations to the nearest dollar: Instructions a) Calculate the interest and principal payments for the first three years. Prepare the journal entries to record the creation of the note and the installment payments on January 31, 2019 and 2020. b) Prepare a partial balance sheet showing the notes payable as of year-end, January 31, 2019.

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