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Question 1 20 pts On January 1, 2020 Masked Rider Inc. issues a three-year, $50,000 note bearing interest 5% annually for services rendered. Interest is
Question 1 20 pts On January 1, 2020 Masked Rider Inc. issues a three-year, $50,000 note bearing interest 5% annually for services rendered. Interest is to be received at the end of each year. The market rate of interest for a not of similar risk is 10%. The following interest factors are provided: Table Factors for Three Periods: PV of $1@ 5% Interest Rate = 0.86384; PV of $1 @ 10% Interest Rate = 0.75132 Table Factors for Three Periods: PV of Annuity @ 5% Interest Rate = 2.72325; PV of Annuity @ 10% Interest Rate = 2.48685 Prepare journal entries for the following: (1.) To record issuance of the note (2.) AJE for 12/31/2020 (3.) AJE for 12/31/2021 (4.) Journal entries (2) for 12/31/2022 Make sure to use good journal entry form
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