On January 1, 2016, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The

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On January 1, 2016, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31, 2016.

a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4.

b. Journalize the entries for the issuance of the note and the four annual note payments.

c. Describe how the annual note payment would be reported in the 2016 income statement.

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Financial and Managerial Accounting

ISBN: 978-1285866307

13th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: Jun 16, 2016 01:38 AM

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On January 1, 2016, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The

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a b c For the Year Ending Dec 31 2016 Dec 31 2017 Dec 31 2018 Dec 31 201...View the full answer

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