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On 1/1/19, Lantana Loan Co, a calendar-year company, accepts a 5%, $500,000 three-year loan that pays interest semi-annually on 6/30 and 12/31 from Diamond
On 1/1/19, Lantana Loan Co, a calendar-year company, accepts a 5%, $500,000 three-year loan that pays interest semi-annually on 6/30 and 12/31 from Diamond Distributors, when the market rate of interest was 10%. In exchange for the note, Diamond agrees to make semi-annual Interest payments and repay the full $500,000 at maturity. Complete the amortization table for this note, then complete all journal entries for 2019.
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