Question: Curbstone, Inc. borrows $170,000 by issuing a 4%, 4-year note on January 1, 2016. Curbstone must make payments of principal and interest every 3

Curbstone, Inc. borrows $170,000 by issuing a 4%, 4-year note on January 1, 2016. Curbstone must make payments of principal and interest every 3

Curbstone, Inc. borrows $170,000 by issuing a 4%, 4-year note on January 1, 2016. Curbstone 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, 2019. The company's fiscal year ends on December 31. Prepare the journal entries at January 1, 2016, and March 31, 2016. (Ch Val (Cli Val (Cli Valu Prepare the journal entry on January 1, 2016. (Record debits first, then credits. Exclude explanations from an Account Cash January 1, 2016 170,000 Long-Term Note Payable 170,000 Next, prepare the journal entry on March 31, 2016. (Use the present value and future value tables, the formula present and future value tables or the formula method, use factor amounts rounded to five decimal places, XX credits. Exclude explanations from any journal entries.) Account Interest Expense Long-Term Note Payable Cash March 31, 2016 Choose from any list or enter any number in the input fields and then click Check Answer

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