Question: Capers, Inc. borrows $210,000 by issuing a 16%, 5-year note on January 1, 2016. Capers must make payments of principal and interest every 3 months,

Capers, Inc. borrows $210,000 by issuing a 16%, 5-year note on

Capers, Inc. borrows $210,000 by issuing a 16%, 5-year note on January 1, 2016. Capers must make payments of principal and interest every 3 months, beginning March 31, 2016. The note will be fully paid at maturity on December 31, 2020. The company's fiscal year ends on December 31. Prepare the journal entries at January 1, 2016, and March 31, 2016. (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Future Value of an ordinary Annuity table.) (Click the icon to view the Future Value of an Annuity Due table) (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Present Value of an Ordinary Annuity table.) (Click the icon to view the Present Value of an Annuity Due table.) Next, prepare the journal entry on March 31, 2016. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your answers to the nearest cent, $X.XX. Record debits first, then credits. Exclude explanations from any journal entries.) Account March 31, 2016

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