{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T07:01:13-04:00", "answer_date": "2024-05-26 07:01:13", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1725693", "url": "\/study-help\/questions\/entries-for-installment-note-transactions-on-january-1-of-year-1725693", "question_creation_date_js": "2024-05-26T07:01:13-04:00", "question_creation_date": "May 26, 2024 07:01 AM", "meta_title": "[Solved] Entries for Installment Note Transactions | SolutionInn", "meta_description": "Answer of - Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $26,000, four-year, 12% in | SolutionInn", "meta_keywords": "entries,installment,note,transactions,january,1,year,bryson,company,obtained,$26,000,four-year", "question_title_h1": " Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $26,000, four-year, 12% installment note from Campbell Bank. The", "question_title": " Entries for Installment Note Transactions On January 1 of Year 1,", "question_title_for_js_snippet": "Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $26,000, four year, 12 installment note from Campbell Bank The note requires annual payments of $8,560, beginning on December 31 of 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 Amortization of Installment Notes For the Year Ending Year 1 January 1 Carrying Amount Note Payment (Cash Paid) Interest Expense (12 of January 1 Note Carrying Amount) Decrease in Notes Payable December 31 Carrying Amount Year 2 Year 3 Year 4 917 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 Year 1 Dec 31 Year 2 Dec 31 Year 3 Dec 31 0 000 000 000 0000000000", "question_description": "\"image\"image", "transcribed_text": "Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $26,000, four-year, 12% installment note from Campbell Bank. The note requires annual payments of $8,560, beginning on December 31 of 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. Amortization of Installment Notes: For the Year Ending Year 1 January 1 Carrying Amount Note Payment (Cash Paid) Interest Expense (12% of January 1 Note Carrying Amount) Decrease in Notes Payable December 31 Carrying Amount Year 2 Year 3 Year 4 917 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 Year 1 Dec. 31 Year 2 Dec. 31 Year 3 Dec. 31 0 000 000 000 0000000000", "related_book": { "title": "Managerial Accounting Tools for business decision making", "isbn": "470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144", "edition": "5th edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/144.jpg", "uri": "\/textbooks\/managerial-accounting-tools-for-business-decision-making-5th-edition-144", "see_more_uri": "" }, "free_related_book": { "isbn": "1696968259", "uri": "\/textbooks\/greek-gods-for-kids-1st-edition-978-1696968256-97725", "name": "Greek Gods For Kids", "edition": "" }, "question_posted": "2024-05-26 07:01:13", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/retailing-management\/1-what-is-ladures-target-market-and-retail-strategy-in", "description": "1. What is Ladures target market and retail strategy in the United States? 2. 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