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My Home X CengageNOWv2 | Online teaching X + X F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssign... @ . . . HotSchedules - Onli... OneLogin Outlook BC - Student Home... 0.0 Duolingo - The work. Cengage Ch 14-3 Exercises and Problems 7 eBook Show Me How Calculator Print Item 1. EX.14-05.BLANKSHEET.AL... Entries for Installment Note Transactions 2. EX.14-06.A On January 1, Year 1, Bryson Company obtained a $55,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $17,728, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. 3. EX.14-07 ALGO Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the 4. EX.14-08.BLANKSHEET.AL... Carrying Amount zeroes out. Amortization of Installment Notes 5. EX.14-09.ALGO Year Interest Expense Ending (11% of January 1 December 31 6. EX.14-12 ALGO December January 1 Note Payment Decrease in Carrying Amount Carrying 31 (Cash Paid) Note Carrying Amount) Notes Payable Amount 7. EX.14-14.ALGO Year 1 Year 2 Year 3 Year 4 b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits. Progress: 6/7 items Check My Work 2 more Check My Work uses remaining. Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 1 7:55My Home X CengageNOWv2 | Online teaching X + X F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssign... @ . . . HotSchedules - Onli... OneLogin Outlook BC - Student Home... 0.0 Duolingo - The work. Cengage Ch 14-3 Exercises and Problems 7 eBook Show Me How Calculator Print Item 1. EX.14-05.BLANKSHEET.AL... b. Journalize the entries for the issuance of the note and the four annual note payments. 2. EX.14-06.A Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits. Year 1 Jan. 1 3. EX.14-07 ALGO 4. EX.14-08.BLANKSHEET.AL... Year 1 Dec. 31 5. EX.14-09.ALGO 6. EX.14-12 ALGO Year 2 Dec. 31 7. EX.14-14.ALGO Year 3 Dec. 31 Year 4 Dec. 31 c. How will the annual note navment he reported in the Year 1 inmme statement? Progress: 6/7 items Check My Work 2 more Check My Work uses remaining. Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 1 7:55My Home X CengageNOWv2 | Online teaching X + X F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssign... @ V . . . HotSchedules - Onli... OneLogin Outlook BC - Student Home... 0.0 Duolingo - The work. Cengage Ch 14-3 Exercises and Problems eBook Show Me How Calculator Print Item 1. EX.14-05.BLANKSHEET.AL... Year 1 Jan. 1 2. EX.14-06.A 3. EX.14-07 ALGO Year 1 Dec. 31 4. EX.14-08.BLANKSHEET.AL... 5. EX.14-09.ALGO Year 2 Dec. 31 6. EX.14-12 ALGO 7. EX.14-14.ALGO Year 3 Dec. 31 Year 4 Dec. 31 c. How will the annual note payment be reported in the Year 1 income statement? of $ would be reported on the income statement. Progress: 6/7 items Check My Work 2 more Check My Work uses remaining. Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 1 7:55
