(L03) Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on...
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(L03) Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2017, and received $100,000 cash. The note requires annual interest payments each December 31. Prepare Coldwell’s journal entries to record
(a) the issuance of the note and
(b) the December 31 interest payment.
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