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On January 1,2022, Ranger Company purchased equipment and signed a six-year mortgage note for $160,000 at 12%. The note will be paid in equal annual
On January 1,2022, Ranger Company purchased equipment and signed a six-year mortgage note for $160,000 at 12%. The note will be paid in equal annual installments of $42,278, beginning January 1,2023 . Prepare the journal eatry for the first payment. (No interest was accrued at December 31, 2022.) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)
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