Accounting for Long-Term Note Payable Maloney Company borrowed $60,000 on a two-year, 8% note dated October 1,

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Accounting for Long-Term Note Payable Maloney Company borrowed $60,000 on a two-year, 8% note dated October 1, 2008.

Interest is payable annually on October 1, 2009, and October 1, 2010, the maturity date of the note. The company prepares its financial statements on a calendar-year basis. Prepare all journal entries relating to the note for 2008, 2009, and 2010.

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Cyrus Sandoval

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