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Note Computations and Entries (Straight Line) On January 1, 2024, Sisek Company borrowed $760,000 with a 10-year, 9.75% note, interest payable semiannually on June 30
Note Computations and Entries (Straight Line) On January 1, 2024, Sisek Company borrowed $760,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31 . Cash in the amount of $752,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2024. If an amount box does not require an entry, leave it blank. 2024 Jan. 1 Record assuance of notes at discount 2. Prepare the necessary journal entry at June 30, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 June 30 Record interest expense 3. Prepare the necessary journal entry at December 31, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 December 31 Record interest expense 4. Determine the carrying amount of this note at the end of the fifth year (December 31, 2028). $
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