Question: Please help prepare the journal entry below A company takes out a six-year, $370,000 long-term loan on March 1. The interest rate on the loan


A company takes out a six-year, $370,000 long-term loan on March 1. The interest rate on the loan is 5% per year, and blended payments of $5,959 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company with: (a) Your answer is correct: Determine the missing amounts, (Round answers to O decimal places, e.g. 125.) A company takes out a six-year, $370,000 long-term loan on March 1. The interest rate on the loan is 5% per year, and blended payments of \$5,959 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company with: (a) Determine the missing amounts. (Round answers to 0 decimal places, e.g 125.) Prepare the journal entries to record the inception of the loan and the first two monthly payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, eg. 125.)
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