Entries for Installment Note Transactions 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. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out.

Entries for Installment Note Transactions 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. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out.

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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