Note Computations and Entries (Straight Line)

On January 1, 2024, Sisek Company borrowed $731,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $723,800 was received when the note was issued.

Required:

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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	CashInterest ExpenseInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
	Accounts PayableDiscount on Notes PayableInterest ExpenseInterest PayableNotes Payable	- Select -	- Select -
	CashInterest ExpenseInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
	Record issuance of notes at discount

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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	CashInterest ExpenseInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
	Discount on Notes PayableDiscount on Notes ReceivableInterest ExpenseInterest PayableNotes Payable	- Select -	- Select -
	CashInterest ExpenseInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
	Record interest expense

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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	CashInterest ExpenseInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
	Accounts PayableDiscount on Interest PayableDiscount on Notes PayableInterest PayableNotes Payable	- Select -	- Select -
	CashInterest ExpenseInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
	Record interest expense

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4. Determine the carrying amount of this note at the end of the fifth year (December 31, 2028). $fill in the blank 537568fd100e03a_1