eBook Show Me How Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on t December 31, Year 1 a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. (Note: Due to rounding, the 12/31/Year 4 Interest expense is provided.) Amortization of Installment Notes Interest Expense (7% of January 1 Year Ending December 31 January 1 Carrying Amount Note Payment Note Carrying (Cash Paid) Year 1 $147,750 43,620 v Amount) $10,342.5 X Decrease in Notes Payable December 31 Carrying Amount Year 2 114,472 X 43,620 Year 3 78,865 X 43,620 Year 4 40,766 X 43,620 2,053 Check My Work Review Exhibit 4 in the text. The cash payment is the same in each year. The interest and principal repayment, however, change each year. This is because the saying amount (bokval of the note decreases each year as principal is repaid, which decreases the interest After the final payment, the carrying amount on the note in zero, indicating that the note has been paid in b. Journalize the entries for the issuance of the note and the four annual note peyments. If an amount box does not require an entry, leave it blank Year 1 Jan. 1 Cash Notes Payable Check My Work 147.750 147.750 All work saved. Previous Next > Save and Ex Submit Assignment for Grading eBook Show Me How b. Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank Year 1 Jan. 1 Cash Notes Payable Year 1 Dec. 31 Interest Expense Notes Payable Year 2 Dec. 31 Year 3 Dec. 31 Year 4 Dec. 31 Cash 147,750 147,750 Check My Work The cash payment is the same in each year. The interest and principat repayment, however, change each year. This is because the carrying amoure book of the s as principal is repaid, which decreases the interest After the final payment, the carrying amount on the note is zero. indicating that the note has been paid in M Check My Work Previous Toobak Check My Work The cash payment is the same in each year. The interest and principal repayment, however, change each year, This is because the carrying amount book va as principal is repaid, which decreases the interest After the final payment, the carrying amount on the nole is zero indicating that the role has been paid in Remember to review the reporting of current and long-term labies c. How will the annual note payment be reported in the Year 1 income statement? Fonback Check My W Incorrect Partially cond Check My Work would be reported on the income statement All work saved. Save and t he num cases each your Preise