Exercise 10-13 Installment Note Entries LO C1 On January 1, 2019, Eagle Company Borrows $24,000 Cash By Signing A Four-Year, 8% Installment Note. The Note Requires Four Equal Payments Of $7,246, Consisting Of Accrued Interest And Principal On December 31 Of Each Year From 2019 Through 2022. Prepare The Journal Entries For Eagle To Record The Note's Issuance

 

 

 

Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,246, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list 1 Eagle borrows $24,000 cash by signing a four-year, 8% installment note. Record the issuance of the note on January 1, 2019. 2 Record the payment of the first installment payment of interest and principal on December 31, 2019. 3 Record the payment of the second installment payment of interest and principal on December 31, 2020. 4 Record the payment of the third installment payment of interest and principal on December 31, 2021. 5 Record the payment of the fourth installment payment of interest and principal on December 31, 2022. ote. Credit