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On January 1, 2019 Lindsay Inc. provided consulting services( NOT CASH ) to Hamler Corp. in return for a 2 year, zero interest note. Hamler
On January 1, 2019 Lindsay Inc. provided consulting services( NOT CASH ) to Hamler Corp. in return for a 2 year, zero interest note. Hamler Corp will pay Lindsay Inc. $20,000 when the note matures on December 31, 2020. The interest rate on similar notes is 6%. Complete the following amortization table related to Lindsays Notes Receivable. | ||||||
Date | Cash Received | Interest Revenue | Disc/Prem Amortized | Carrying Amount | ||
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Please prepare the necessary journal entries for Lindsay Inc. in 2019 and 2020.
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