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On April 1, 2020, Clyde Barrow Company bought a delivery truck for $54,000 on a 8%, five-year installment note. You have been tasked with preparing

On April 1, 2020, Clyde Barrow Company bought a delivery truck for $54,000 on a 8%, five-year installment note. You have been tasked with preparing an amortization table in Excel for the bookkeeper to assist him in recording the monthly payments, with the first payment starting on May 1, 2020.

1. Show the monthly journal entry to record the first payment on May 1st.

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