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Entries for instoliment Note Transactions On January 1, Yoar 1, Bryson Company obtained a $12,000, four-year, 9% instaliment note from Campbeli Bank. The note requires

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Entries for instoliment Note Transactions On January 1, Yoar 1, Bryson Company obtained a $12,000, four-year, 9% instaliment note from Campbeli Bank. The note requires annual payments of $3,704, beginning on December 31 , Year 1. a. Prepare an amortization tabie for this installment note, similar to the one presented 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 end of the note term. b. Journalize the entries for the issuance of the note and the four antiual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable 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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