The company performs adjusting entries monthly. Closing entries are performed annually on May 31.

Purchased a piece of equipment to be used in the operations of the business for $300,000 that will assist with a more efficient production. Paid $100,000 cash and issued a two-year note payable for $200,000. The note plus all 24 months of accrued interest are due April 30, 2017. The interest rate on the note is 5%

Data for Adjusting Entries

1-The annual interest rate on the note payable is 5 percent.

please can help me what is the amount?

what is the amount for