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On November 1st, 2022, Denk Corporation issued a $70,000, 9%, two-year installment note to Bilt Bank. Payments of $19,512 are due on April 30th and
On November 1st, 2022, Denk Corporation issued a $70,000, 9%, two-year installment note to Bilt Bank. Payments of $19,512 are due on April 30th and October 31st. Denks fiscal year is the calendar year. Required: 1. Construct an amortization table for the installment note. 2. Journalize the interest accrual on 12/31/2022. Journal entry descriptions are not required. 3. Journalize the 1st and 2nd payments. Journal entry descriptions are not required.
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