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2. Prepare an amortization schedule for the three-year term of the note, 3. Prepare an amornization schedule for the three-year term of the note. Prectiol entries to record (a) interest for each of the three years and (b) payment of the note at maturtity. Prepare the fournal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Prepare the fournai entries, to record (a) interest for each of the three years and (b) payment of the nots of maturity. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round vour intermediate and final answers to nearest whole doliar. Journal entry worksheet Note; enter devis berore Crouns Holly Springs, incorporated contracted with Coldwater Corporation to have constructed a custom-made iathe. The machine was completed and ready for use on January 1, 2024. Holly Springs paid for the lathe by issuing a $300,000 note due in thee years. Interest, specified at 2%, was payable annually on December 31 of each year. The cash market price of the lathe was unknown. If was. determined by comparison with simillar transactions for which 6% was a reasonable rate of interest. Holly Springs uses the effective interest method of amortization. Note: Use tables, Excel, or a finoncial colculator. (EV of S1. PV of S1. EVA of S1. PVA of S1. EVAD of S1 and PVAD ot S1) Required: 1. Prepare the journal entry on January 1, 2024, for Holly Springs' purchase of the lathe. 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity: Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the three-year term of the note. Note: Round your intermediate and final answers to nearest whole dollar. 2. Prepare an amortizition schedule for the three-year term of the note: 3. Prepare the fournat entrles to record (0) interest for each of the three years and (b) payinent of the note at atitunty Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Notes if no enfry is required for a transacton/event intermediate and final answers to nearest whole doliar Journal entry worksheet Record the entry for payment of the note at maturity. Note: Enter-debits before credis: Propare the joumal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Hitermediate and final answers to nearest whole dollar Journal entry worksheet 2. Prepore an amortization schedule for the three-year term of the note: 3. Prepare the journal entries to fecord (a) interest for each of the three years and (b) payment of the note at maturity. Prepare the jourral entries to record (a) interest for each of the three years and (b) payment of the note at maturity. intermediate and final answers to nearest whole dollar. Journal entry worksheet Note: Enter debits Defore credits. Holly Spings, Incorporated contracted with Coldwater Corporation to have constructed a custom-made tathe. The machine wrias completed and ready for use on January 1, 2024 . Holly Springs paid for the lathe by lssulng a 5300.000 note due in thee years. interest, specified at 2%, was payable annually on December 31 of each year. The cash matket price of the lathe was unknown- it was. determined by comparison with similar transactions for which 6% was a reasonable rate of interest. Holly Springs uses the effective interest method of amortizetion. Note: Use tables, Excel, or a financial calculator. (EV of S1. PV of 51. EVA of S1. PVA of S1. EVAD of S1 and PVAD at S1) Required: 1. Prepare the journal entry on January 1,2024. for Holly Springs purchase of the lathe. 2. Prepare an amortization schedule for the three-year tem of the note, 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Prepare the journal entry on January 1, 2024, for Holly Springs' purchase of the lathe. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar
