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eBook Show Me How Calculator Print Item Entries for installment note transactions Instructions Chart of Accounts Amortization table Journal Final Question Instructions On January 1, 2016, Bryson Company obtained a $141,500, four-year, 8% installment note from Campbell Bank. The note requires annual payments of $42,722, beginning on December 31, 2016. Required: A. Prepare an amortization table for this installment note, similar to the one presented in Exit B. Journalize the entries for the issuance of the note and the four annual note payments. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles. C. Describe how the annual note payment would be reported in the 2016 income statement Check My Work 1 more Check My Work uses remaining Amortization table Journal Final Question Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 611 Gain on Redemption of Bonds 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable EXPENSES 127 Notes Receivable 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 131 Merchandise Inventory 141 Office Supplies 142 Store Supplies 151 Prepaid Insurance 521 Sales Salaries Expense 522 Office Salaries Expense 191 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense Amortization table Journal Final Question Ing Chart of Accounts 533 Repairs Expense On 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment Del 534 Selling Expenses 535 Rent Expense 536 Insurance Expense LIABILITIES 537 Office Supplies Expense 538 Store Supplies Expense 541 Bad Debt Expense 561 Depreciation Expense-Store Equipment 562 Depreciation Expense-Office Equipment 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable 690 Miscellaneous Expense 710 Interest Expense 711 Loss on Redemption of Bonds EQUITY Check My Work more Check My Work uses remaining Ins Chart of Accounts 253 Premium on Bonds Payable On De EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary eck My Work 1 more Check My Work uses remaining, Instructions Chart of Accounts Amortization table Journal Final Question Amortization table A. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round amounts to the nearest dollar Amortization of Installment Notes B D E For the Year Ending January 1 Carrying Amount Note Payment Interest Expense Decrease in Notes Payable Dec. 31 Carrying Amount Dec 31, 2016 $ $ $ Dec 31, 2017 Dec 31, 2018 Dec 31, 2019 IS $ on Amortization table Journal Final Question Amortization table Joumal B. Journalize the entries for the issuance of the note and the four annual note payments. Be sure to include the year in the date for the entries. Refer to the wording of account titles. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT eck My Work 1 more Check My Work uses remaining Save and Exit IULIU WWW LILI CHACCOUNS Amortization table Journal Final Question Amortization table Journal 2 3 6 3 9 10 11 12 13 14 Check My Work 1 more Check My Wors uses remaining Amortization table Journal 2 Final Question c. Describe how the annual note payment would be reported in the 2016 income statement. 5 Interest expense of $ would be reported on the income statement. 6 00 10 11 12 13 14