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Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $47,000, four-year, 9% installment note from Campbell Bank. The note requires
Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $47,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $14,507, 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 Ending December 31 Year 1 Interest Expense (9% of January 1 Note Carrying Amount) December 31 Carrying Amount January 1 Carrying Amount Note Payment (Cash Paid) Decrease in Notes Payable Year 2 Year 3 Year 4
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