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Instructions On January 1 of Year 1, Bryson Company obtained a S 147,750, four-year, 796 in beginning on December 31 of Year 1 stalment note fr m Campbell Bank The note requires annual payments or Required: a. Prepare a table for this instalment note, similar to the one presented in Exhibit 4 b. Journalize the entries for the issuance of the note and the four annual note payments. Refer to the Chart of Accounts for exact warding of account tiies c. Describe how the annual note payment would be reported on the Year 1 income statement 6:28 PM 229 eBook Show Me How Calculator Print Item Entries for installment note transactions Instructions t of Accounts Amortization table Journal Final question Chart of Accounts CHART OF ACCOUNTS Bryson Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 611 Gain on Redemption of Bonds 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Inventory 141 Office Supplies 142 Store Supplies EXPENSES 510 Cost of Goods Soid 515 Credit Card Expense 516 Cash Short and Over 521 Sales Salaries Expense 522 Office Salaries Expense 531 Advertising Expense 151 Prepaid insurance 191 Land 628 PM 2/14/2019 ^ EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary Amortization table a. Prepare a table for this installment note, simiar to the one presented in Exhibit 4 Round amounts to the nearest dolilar Amortization of Installment Notes For the Year Ending Dec. 31 January 1 Cacrying Amount Note Payment Interest Expense Decrease in Notes Payable Dec. 31 Carrying Amount $147,750v 114 473 V 8.866 -40,766 X Year 1 $43,620 43 620 43.620 43.620 194 480X $10.343 v $33,278 X 35,607 38 099V 40.766 X $114,473 v 78,866 V 40.766 X Year 2 8,013 v 5521 2.854 X $55 585 x Year 3 Yeat $147.750 V Points. 16123 629 PM b. Journalize the entries for the issuance of the note and the four annual note payments. Enter transactions for Year 1 on page 1 17. Refer to the Chart of Accounts for exact wording of account titles 0 of the purnal Year 2 on page 12, Year 3 on page 13, and Year 4 on page All transactions on this page must be entered (except for post re fs) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 47/63 ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETSLIABILITIES EQUITY 47,750.00 Cash Notes Payabie Interest Expense 147,750.00 10,343.00 Dec. 31 33,278.00 Cash 3.620.00 Points895/12 DATE POST, REF DERIT CREDIT ASSETS LIABILITIES EQUITY Dec. 31 Interest Expense Notes Payable 8.013.00 35,607.00 Cash 43.620.00 Points717 How does sroding work? PAGE 15 JOURNAL Score: 37/37 ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETSLIABILITIESEQUTY Dec 31 Interest Expense 5.521.00 Notes Payable 38,099.00 JOURNAL Score: 33/37 2,854.00 Notes Payable 40.766.00 Cash 43.620.00 year as principal is repaid, which decreases the interest