Question: Discountco signed a 15-year note payable on January 1, 2018, of $1,275,000. The note requires annual principal payments each December 31 of $85,000 plus interest

Discountco signed a 15-year note payable on January 1, 2018, of $1,275,000. The note requires annual principal payments each December 31 of $85,000 plus interest at 10%. The entry to record the annual payment on December 31, 2019, includes O A. a debit to Interest Expense for $119,000. B. a debit to Interest Expense for $127,500 C. a credit to Cash of $212,500. D. a credit to Notes Payable for $85,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

In each circuit of Figure 689, identify the series and parallel relationships of the resistors viewed from the source. R 1.0 + (a) FIGURE 6-89 sv Alli | R 6.8 R3 3.3 R4 10 R5 5.6 R 1.0 R 1.0 (b) WW +...

Greenco signed a 9 -year note payable on January 1, 2016 , of $ 540 comma 000 . The note requires annual principal payments each December 31 of $ 60 comma 000 plus interest at 12 %. The entry to...

Discountco signed a 15-year note payable on January 1, 2018, of $900,000. The note requires annual principal payments each December 31 of $60,000 plus interest at 14%. The entry to record the annual...

Brooks Corporation issued $490,000 of 7%, 10-year bonds payable at a price of 95. The market interest rate at the date of issuance was 8%, and the bonds pay interest semiannually. The journal entry...

Suki Health Foods has 17,000 shares of $1 par common stock outstanding, which were issued at $9 per share. Suki also has a deficit balance in Retained Earnings of $90,000. How much is Suki's total...

UUJIUN. 02 Discountco signed a 7-year note payable on January 1, 2018, of 5630,000. The not requires annual principal payments each December 31 of 590.000 plus interest at 10%. The entry to record...

Discountco signed a 8-year note payable on January 1, 2018, of $600,000. The note requires annual principal payments each December 31 of $75,000 plus interest at 7%. The entry to record the annual...

Oneco signed a 7-year note payable on January 1, 2018, 05400,000. The note requires annual principal payments each December 31 of $70,000 plus interest at 18%. The entry to record the annual payment...

Samco signed a 15-year note payable on January 1, 2024, of $1,350,000. The note requires annual principal payments each December 31 of $90,000 plus interest at 9%. The entry to record the annual...

Answer all please Discountco signed a 12-year note payable on January 1, 2016, of $1,140,000. The note requires annual principal payments each December 31 of $95,000 plus interes at 7%. The entry to...

Please select the correct answer. 6. Devon signed a 20-year note payable on January 1, 2018. The note requires annual principal payments plus interest. The entry to record the annual payment on...

1). Why are the long-lived assets and inventory assertions of existence said to have an inherent risk of material misstatement that is higher than that of the account payable? 2). Do you think the...

Workhorse Limited is incorporated in the UK, and trades through, a permanent establishment in the country of Zakusia. It has UK taxable trading profits of 800,000 for the year ended 31 st June 2020...

Solve each of the following equations. (a) 0.15x+2.35(x-2)=1.3 5 7 (b) =4 1-y 2-2y

Offspring formed due to sexual reproduction have better chances of survival. Why? Is this statement always true?

Question 2: Which is a better mode of reproduction sexual of asexual? Why?

What is corporate governance? What role does a corporations board of directors play in corporate governance?

Exercise Question 1: Why is reproduction essential for organisms?

An OPR1000 was designed and constructed. For the observed 5 years, it was operated for 58 months at the rate of 950 MWe. What is the availability and capacity factor for this plant?

According to the EEOC, what is defined as "present competence to perform an observable behavior or a behavior that results in an observable product"? Knowledge Ability Other Characteristic Skill

1. Your company is considering adopting a tobaccofree employee hiring practice. As the Director of Human Resources, you have been charged to research the legality of this proposal and provide...

Create awareness of the strong need people have for encouragement and positive feedback.

b. Commission on sales. All employees would be given a 5 percent commission on all sales. Each salesperson would receive an hourly wage plus the commission.