c. How will the annual note payment be reported in the Year 1 income statement?of $would be reported on the income statement. On January 1, Year 1, Bryson Company obtained a $52,000, four-year, 11% installment note from Campbell Bank. The note requires annualpayments of $16,761, beginning on December 31, Year 1.

Interest expenses of $5720 will be in Income Statement in Year 1.

Answered: c. How will the annual note payment be…

c. How will the annual note payment be reported in the Year 1 income statement? of $ would be reported on the income statement.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 20E: Entries for installment note transactions On January 1, 20Y2, Hebron Company issued a 175,000,...

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Question

c. How will the annual note payment be reported in the Year 1 income statement?
of $
would be reported on the income statement.

On January 1, Year 1, Bryson Company obtained a $52,000, four-year, 11% installment note from Campbell Bank. The note requires annual
payments of $16,761, beginning on December 31, Year 1.

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