On January 1, 2015, Johnson Company purchased a delivery truck for $114,000, paying $13,000 cash and financing the rest with a 5 year, 5% note, with monthly payments of $1,910. (Fill in the table)

Required:

• Complete the loan amortization schedule below for the payments made on February 1 and March 1.
• Prepare the journal entry for the purchase on January 1.
• Prepare the journal entry for the first loan payment on March 1

Amortization Schedule

				Loan
Date	Payment	Interest	Principle	Balance
Jan 1
February 1
March 1

Journal Entries

		DEBIT	CREDIT
January 1
March 1