Question: Assume bonds payable unless stated otherwise are amortized using the straight-line amortization method anm S11-1 Accounting for a long-term note payable On January 1, 2016,

Assume bonds payable unless stated otherwise are amortized using the straight-line amortization method anm S11-1 Accounting for a long-term note payable On January 1, 2016, Locker-Farrell signed a $200,000, 10-year, 13% note. The loan required Locker-Farrell to make annual payments on December 31 of $20,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2016 oali h ote puyment on December 31, 2016

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