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On January 1, Year 1, Bryson Company obtained a $183,000, four-year, 4% installment note from Campbell Bank. The note requires annual payments of 550 415

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On January 1, Year 1, Bryson Company obtained a $183,000, four-year, 4% installment note from Campbell Bank. The note requires annual payments of 550 415 beginning on December 31, Year 1 Required: a. Prepare an apportization table for this installment note, seilar to the one presented in Echt4 Round amounts to the nearest dollar. Ian amount box requires a zero, entero b. Journalize the entries for the issuance of the note and the four annual note payments Refer to the chart of accounts for the exact wording or the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal pages uted for deot or credit entries CNOW Journals will automatically indent a credit entry when a credit amount is entered c. Describe how the annual note payment would be reported in the year 1 income statement Wat note, similar to the one presented in Ext 4 Round amounts to the nearest doar it an amount of Amortization of installment Notes A B 0 For the Year Ending December 31 January 1 Carrying Amount Note Payment Interest Expense Decrease in Notes Pay Year 1 5 S Year 2 Year 3 Year 4 JOURNAL ACCOUNTING EQUAT DATE DESCRIPTION POST RDF DEBIT CREDIT urnal Final Question c. Describe how the annual note payment would be reported in the Year 1 income statement Interest expense of $ w would be reported on the income statement

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