Question
On January 1, 2018, Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually.
On January 1, 2018, Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. A) Prepare an amortization table showing the principal and interest in each payment on Dec. 31. B) What is the journal entry on Jan. 1, 2018 to record the cash received and on Dec. 31, 2018 to record the first annual payment?
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Managerial Accounting An Introduction To Concepts Methods And Uses
Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil, Sidney Davidson
7th Edition
0030259630, 978-0030259630
