Your Company finished consulting services for a client on December 31, 20X0 and accepted a $169,000 10% note due in three years as payment in full. The note is not readily marketable and the fair value of the services cannot be readily determined. The note has an imputed interest rate of 12% based on Blue Companys credit history.

Instructions

1. Complete the amortization table for the third year. You do NOT need to copy the whole table, just provide the amounts.
2. Prepare your journal entry for December 31, 20X0.
3. Prepare your journal entry for December 31, 20X2.
4. Prepare your journal entry for December 31, 20X3.

	Cash	Effective		Carrying
	received	Interest	Discount	value
Issuance 20X0				160,895.24
20X1	16,900.00	19,299.80	2,399.80	163,295.04
20X2	16,900.00	19,587.10	2,687.10	165,982.14
20X3	??	??	??	??