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kumpel [21]
2 years ago
13

On January 1 of Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires

annual payments of $43,620, beginning on December 31 of Year 1.
Business
1 answer:
Murljashka [212]2 years ago
6 0

Installment note from Campbell Bank.

1-Jan Note intt expense Decrease 31-Dec

Amortization of Installment Notes Carrying payment 7% in  Carrying

Year ending December 31   amount cash paid   notes payable amount

               

year 1       147,750 43,620 10343 33,278 114,473

year 2       114,473 43,620 8013 35,607 78,866

year 3       78866 43,620 5521 38,099 40,766

year 4       40766 43,620 2854 40,766 0

               

               

               

b)   Journal Entries          

 Date Account titles & Explanations     Debit Credit

               

year 1 1-Jan Cash         147,750  

   Notes payable         147,750

   (to record issuance of note)        

               

year 1 31-Dec Interest expense       10343  

   Notes payable       33,278  

   cash           43,620

   (to record interest expense)        

               

year 2 31-Dec Interest expense       8013  

   Notes payable       35,607  

   cash           43,620

   (to record interest expense)        

               

year 3 31-Dec Interest expense       5521  

   Notes payable       38,099  

   cash           43,620

   (to record interest expense)        

               

year 4 31-Dec Interest expense       2854  

   Notes payable       40,766  

   cash           43,620

   (to record interest expense)        

               

c) interest expense of  10,343 would be reported on the income statement of Bryson Company.

Learn more about installment notes at

brainly.com/question/24317141

#SPJ4

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The abrupt end of long distance cattle drives in 1885 was primarily due toa. the development of railroad cars that could haul ca
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Answer:

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The primary responsibility of the board of directors is to __________. Select one: A. oversee the affairs of the organization B.
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