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ntries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $66,000, four-year, 896 installment note from Campbell Bank. The rote requires
ntries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $66,000, four-year, 896 installment note from Campbell Bank. The rote requires annual payments of $19,927, beginning on December 31, Year 1 a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out Amortization of Installment Notes Year Ending December January Interest Expense (8% of January 1 Note Carrying Amount) Decembe Carryi Amoun Decrease in Notes Payable Note Payment Carrying Amount (Cash Paid) 31 Year 1 Year 2 Year 3 Year 4 b, Journalize the entries for the Issuance of the note and the four annual note payments
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