Question: (Learning Outcome 5) Kohn Co. signed a 10 year note payable on January 1, 2016 of $600,000. The note requires annual principal payments each December

(Learning Outcome 5) Kohn Co. signed a 10 year note payable on January 1, 2016 of $600,000. The note requires annual principal payments each December 31 st of $60,000. plus interest at 8%. The entry to record the annual payment on December 31, 2017, includes: debit to cash for $103,200 debit to interest expense for $43,200 credit to notes payable for 48,000 debit to interest expense for $48,000

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