On January 1, 2021, Eagle Company borrows $19,000 cash by signing a four-year, 8% installment note....

 

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On January 1, 2021, Eagle Company borrows $19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $5,737, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. On January 1, 2021, Eagle Company borrows $19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $5,737, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount.

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To record the issuance of the installment note on January 1 2021 Debit Cash 19000 Credit Installm... View the full answer