journal entry for 1/1/20 and 12/31/20

please show work

Ana EM2Merge Gene A11 0 On Jan. 1.2020, Bobcat Const. purchased equipment from Gallatin Equipment. Bobcat gave a 0% interest $124,905 promissory note payable to Gallatin with the following terms. Scenario 2 Loan terms. The note payable terms requires 3 equal payments of S41 635 on December 31 each year. 5 The current market interest rate for similar loans is 12% 7 Instructions Show your calculations! 8.1) Detemine the fair market value of the note> 2) Record Bobcats journal entries for 2020 10 T 12 11 Cash Paymer Interest Expense Discount Amortized Unamortized Discount Note Balance Note Carrying Value s Date 17 01/01/20 24.905 124.905 $ 100,000 41.635 12.000 12.000 12.905 83,270 $ 70.365 15 12/31/20 20 21 12/31/21 41.635 8.444 8,444 4.461 41,635 $ 37.174 20% Sngle Note + Terms Note Zero installment Note Co Mode Weito Som The note 40,493 100.000 140,493 1 01/01/20 12.000 12,000 28.493 112,000 140,493 12/31/20 125,440 13,440 15,053 140,493 13,440 12/3121 15,053 15.053 140,493 (140,493) 0 140,493 (140,493) 12/31/22 Final Payment 140.493 140 493 0 40,493 (40,493 Totals Debit Credit Accounting Joumal Entries 01/01/20 12/31/20 + Monte Teres Single Post