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PLEASE I NEED HELP WITH MY ASSIGNMENT, CAN SOMEONE SOLVE IT FOR ME? THANKS Kingbird Farms Ltd. needed financing to buy two John Deer tractors.
PLEASE I NEED HELP WITH MY ASSIGNMENT, CAN SOMEONE SOLVE IT FOR ME? THANKS
Kingbird Farms Ltd. needed financing to buy two John Deer tractors. Kingbird receives $325,300.00 on December 31, 2017, when it issues a 10-year, 6% note payable. The terms provide for semi-annual blended instalment payments on June 30 and December 31 in the amount of $23,652.00. Prepare an instalment payment schedule for the first four interest periods. (Round answers to 2 decimal places, e.g. 5,276.25.) KINGBIRD FARMS LTD. Instalment Payment Schedule - Blended Payments Cash Payment Interest Expense Reduction of Principal Principal Balance Interest Period Dec. 31, 2017 June 30, 2018 $ $ Dec. 31, 2018 June 30, 2019 Dec. 31, 2019 Prepare the journal entries to record the note payable and the first three instalment payments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 2 decimal places, e.g. 5,276.25.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 June 30, 2018 Dec 31, 2018 June 30, 2019 Provide the balance sheet disclosure for the note payable at December 31, 2018, being specific about the classifications. (Round answers to o decimal places, e.g. 5,275.) KINGBIRD FARMS LTD. Balance Sheet (Partial) December 31, 2018Step by Step Solution
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