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Entries for instalment Note Transactions On January 1, Year, 1, Bryson Company obtained a $147,750, four-year, 714 installment note from Campbell fank, The note requires
Entries for instalment Note Transactions On January 1, Year, 1, Bryson Company obtained a $147,750, four-year, 714 installment note from Campbell fank, The note requires annual payments of 543,620 , beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one prosented in Exhibit 4. Note: Enter all amounts to the nearest whole dollar. Round Year 4 interest Expense (up or down) to ensure the carrying amount is zero at the eno of the note term. b. Joumalize the entries for the issuance of the note and the four annual note payments. For a compound transaction, if an amount box does not require an entry, leave it blank. Year 1 lan. 1 b. Journalize the entries for the issuance of the note and the four annual note payments. For a compound transaction, if an amount box does not require an entry, ieave 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
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