Ironbound, Inc. borrows $ 150,000 by issuing a 12%, four- year note on Janu-ary 1, 2014. Ironbound

Question:

Ironbound, Inc. borrows $ 150,000 by issuing a 12%, four- year note on Janu-ary 1, 2014. Ironbound must make payments of principal and interest every three months, beginning March 31, 2014. The note will be fully paid at on December 31, 2017. The company’s fiscal year ends on December 31. Prepare the journal entries at January 1, 2014, and March 31, 2014. Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...