1 quesntion 2 parts
On January 1, MM Company borrows $270,000 cash from a bank and in return signs an 4$ installment tacte for flve annual payments of $60.649 each. QS 10-14 (Algo) issuance and interest for installment note LO C1 1. Prepare the journol entry to record lisuance of the note. 2. For the first $60,649 annual payment at December 31 , what amount goes toward interest expecase? What amount goes toward principal reduction of the note? Cemplete this question by entering your answers in the tabs belew. Prepare the joumal entry to recerd iswance of the note. Journal entry worksheet Use the tollowing intormation tor the Guick studies Deiow. (Aigo) [The following information applies to the questions disployed below] On January 1, MM Company borrows $270,000 cash from a bank and in return signs an 4% instollment note for five annual payments of $60,649 each. QS 10-14 (Algo) Issuance and interest for installment note LO C1 1. Prepare the joumal entry to record issuance of the note. 2. For the first $60,649 annual payment at December 31 , what amount goes toward interest expense? What amount goes toward princlpal reduction of the note? Complete this question by entering your answers in the tabs below. For the first $60,649 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? On January 1, MM Company borrows $270,000 cash from a bank and in return signs an 4$ installment tacte for flve annual payments of $60.649 each. QS 10-14 (Algo) issuance and interest for installment note LO C1 1. Prepare the journol entry to record lisuance of the note. 2. For the first $60,649 annual payment at December 31 , what amount goes toward interest expecase? What amount goes toward principal reduction of the note? Cemplete this question by entering your answers in the tabs belew. Prepare the joumal entry to recerd iswance of the note. Journal entry worksheet Use the tollowing intormation tor the Guick studies Deiow. (Aigo) [The following information applies to the questions disployed below] On January 1, MM Company borrows $270,000 cash from a bank and in return signs an 4% instollment note for five annual payments of $60,649 each. QS 10-14 (Algo) Issuance and interest for installment note LO C1 1. Prepare the joumal entry to record issuance of the note. 2. For the first $60,649 annual payment at December 31 , what amount goes toward interest expense? What amount goes toward princlpal reduction of the note? Complete this question by entering your answers in the tabs below. For the first $60,649 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the
