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On January 1 of Yoar 1, Bryson Company obtained a 5141,500,4year,8, instalment note from Campbeil Bark. The note requires annual paymanta of SA2,72, beginning on

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On January 1 of Yoar 1, Bryson Company obtained a 5141,500,4year,8, instalment note from Campbeil Bark. The note requires annual paymanta of SA2,72, beginning on December 31 of Year 1 Required: a. Prepare a table for this instaliment note, similar to the one presented in Exhibil. b. Joumalite the entries for the issuance of the note and the four annual note payments c. Describe how the annual note payment would be reporied on the Yoar 1 income statement Antione instumctions b. Joumalte the entries for the issuance of the nole and the fou annuil note paymenes. Enter transuctons for Yew 1 on poge 10 of the loumal, Yoar 2 on page 12 , Year 3 on pege 15 , and Year 4 on page17 c. Describe how the annual note payment would be reported on the Year 1 income statement. Interest expense of would be reported on the income statement

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