Question: please solve the question. I need a just simple formula for each questions. On October 1, 2011, Milan Enterprises borrows $300,000 cash from a bank

please solve the question.

I need a just simple formula for each questions.

On October 1, 2011, Milan Enterprises borrows $300,000 cash from a bank by signing a three-year installment note bearing 10% interest. The note requires equal total payments of $120,635 each year on September 30. A. Prepare the journal entries, in which Milan Enterprises records accrued interest as of December 31, 2011. (Hint: You should recognize the accrued interest expense.) B. Prepare the journal entries in which Milan records the rst annual payment on the note on Sept. 30, 2012

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