3. Record the adjusting journal entry to accrue interest expense as of December 31,20XX

On Jan 1, 20XX Kang Co. purchased land with a fair value of 500,000 by securing a 5year, zero-interest-bearing note With a face amount Of 743,206.55 Community Bank. I. What is the implicit interest rate associated With this loan? Points Value: 3 2. Record the journal entry associated With the acquisition of the land on March I. Points 5 Account 3. Record the adjusting journal entry to accrue interest expense as of December 31, 20XX. Points Value: 5 Account Debit Debit Credit Credit 11 12 19 20 Assume that Kang co. chose to finance the purchase of the $500,000 land by accepting an installment loan from Thanos Bank at an interest rate of 1.75% instead of tho zero-interest-bearing note Offered by LCB. The terms of the loan require monthly payments over four years. 4. What would the monthly payments on this loan be? Points Value: 3 S. Record the Journal entry for the first interest payment on this loan, Points Value: 5 Account Debit Credit