Entries for Installment Note Transactions On January 1 of Year 1, Bryson Cormpany obtained a $39,000, four-year, 10% installment note from Campbell Bank. The note requires annual payments of $12,303, 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 January 1 Carrying Amount Note Payment (Cash Paid) Interest Expense (10% of January 1 Note Carrying Amount) Decrease in Notes Payable December 31 Carrying Amount For the Year Ending Year 1 Year 2 Year 3 Year 4 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 Check My Work PreviousNext Show Me HowCalculator eBook 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 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. KPre Check My Work Previous Next