Sylabus - ACC Wy Home My Home CengageNOW cruise. Buy P. eBook Show Me How Calculator Print item Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $36,000, four-year, 8% installment note from Campbell Bank. The note requires annual payments of $10,869, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. 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 Carrying Amount zeroes out. Amortization of Installment Notes Year Interest Expense Ending (8% of January 1 December 31 January 1 Note Payment Decrease in December Note Carrying Carrying Carrying Amount (Cash Pald) Notes Payable 31 Amount) Amount 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 Check My Work 2 more Check My Work uses remaining. Previous Next > eBook Show Me How Calculator Print item 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. Year 1 Jan. 1 Year 1 Dec. 31 Year 2 Dec. 31 III III III III I I III III III Year 3 Dec. 31 > > Year 4 Dec 31 Previous Check My Work 2 more Check My Works remaining Show Me How Calculator Print Item eBook TUT Year 1 Dec. 31 Year 2 Dec. 31 Year 3 Dec. 31 (01 III III III III III 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 Previous Next > Check My Work 2 more Check My Work uses remaining