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6. (10 points) Bonneau company purchased two new delivery vans for a total of $250,000 on January 1, 2020. The company paid $40,000 cash
6. (10 points) Bonneau company purchased two new delivery vans for a total of $250,000 on January 1, 2020. The company paid $40,000 cash and signed a $210,000, 3-year, 8% note for the remaining balance. The note is to be paid in three equal annual end-of-year payments, with the first payment on December 31, 20201. Each payment includes interest on the unpaid balance plus principal. a) Prepare a note amortization table using the format below Period Ending Date Beginning Balance Debit Debit Credit Ending Balance Interest Expense Notes Payable Cash 12/31/2020 12/31/2021 12/31/2022 b) Prepare the journal entries to record the purchase of the vans on January 1, 2020 and the second annual installment payment on December 31, 2021. Date Debit Credit
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