Calculator Printem Show Me How Entries for installment Note Transactions On January 1, Year 1, Bryson Company obtained a $33,000, fouryear, 8% installment note from Campbell Bank. The note requires annual payments of $9,963, beginning on December 31, Year 1 a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out. Amortization of Installment Notes Year Interest Expense December 31 (8% of January 1 Ending January 1 Note Payment Decrease in December Note Carrying Carrying Carrying Amount (Cash Paid) Notes Payable Amount Amount) 31 Year 1 Year 2 Year 3 0 Year 4 b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits. Year 1 Jan. 1 Year 1 Dec. 31 Previous Next > Check My Work 2 more Check My Work uses remaining. Email Instructor Save and Exit Submit Assignment for Grading TAL.. b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits. Year 1 jan. 1 TAL. Year 1 Dec. 31 Year 2 Dec. 31 II1 Il 1011 III III dropdown Year 3 Dec. 31 Year 4 Dec. 31 C. How will the annual note payment be reported in the Year 1 Income statement? of would be reported on the income statement Previous Next > Check My Work 2 more Check My Work uses remaining