Question: Ironbound, Inc. borrows $150,000 by issuing a 12%, 4-year note on January 1, 2016. Ironbound must make payments of principal and interest every 3 months,

Ironbound, Inc. borrows $150,000 by issuing a 12%, 4-year note on January 1, 2016. Ironbound must make payments of principal and interest every 3 months, beginning March 31, 2020. The note will be fully paid at maturity on December 31, 2023. The company’s fiscal year ends on December 31. Prepare the journal entries at January 1, 2020, and March 31, 2020.

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