232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 711 Loss on Redemption of Bonds EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends c. Describe how the annual note payment would be reported on the Year 1 income statement. Interest expense of would be reported on the income statement. a. Prepare a table for this installment note, similar to the ane prosented in Exhibit 4. Additional instructions Bryson Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 inventory REVENUE 410 Sales 610 Interest Revenue 611 Gain on Redemption of Bonds EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 516 Cash Short and Over and Vew 4 on page 17 Generad daunst ingtructions On January 1 of Year 1, Bryson Company obtained a $168,500,4-year, 11% instaltment note trom Campbell Bank. The note requires annual payments of $54,312, beginning on Decomber 31 of Year 1. Required: a. Prepare a table for this installment note, similar to the one presented in Exhibte b. Journakwe the entries for the issuance of the nole and the four annual note payments c. Describe how the annual note payment would be reported on the Year t income statement muce is joupres ACCOUNTRG EQUATION Chart of Accounts Or. 142 Store Supplies 521 Sales Salaries Expense 151 Prepaid insurance 522 Office Salaries Expense 191 Land 531 Advertising Expense 192 Store Equipment 532. Delivery Expense 193 Accumulated Depreciation-Store Equipment 533 Repairs Expense 194 Office Equipment 534 Selling Expenses 195 Accumulated Depreciation-Office Equipment 535 Rent Expense 536 Insurance Expense LIABILITIES 537 Office Supplies Expense 210 Accounts Payable 538 Store Supplies Expense 221 Salaries Payable 541 Bad Debt Expense 231 Salos Tax Payable 561 Depreciation Expense-Store Equipment 232 Interest Payable. 562 Deprociation Expense-Office Equipment 241 Notes Payable 590 Miscellaneous Expense 251 Bonds Payabie 710 interest Expense 252 Discount on Blonds Payable 711 Loss on Redemption of Bonds 253 Premium on Bonds Payable EQUITY