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Baumann, Inc. issued a 3-year interest-bearing note on March 1, year 1. The face amount of the note is $700,000 and the interest rate is
Baumann, Inc. issued a 3-year interest-bearing note on March 1, year 1. The face amount of the note is $700,000 and the interest rate is 4%. Interest is payable semiannually (i.e., on September 1 and March 1). Baumann prepares adjusting entries quarterly and operates on a calendar-year basis. On April 30, Year 1, ______________ ________________ will be debited ______________ (round to the nearest dollar).
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