ex 12 12 entries for installment note transactions obj 4 on january 1 2016 bryson co 1314870

ex 12 12 entries for installment note transactions obj 4 on january 1 2016 bryson co 1314870

Ex 12-12  Entries for installment note transactions                                                    ObJ. 4 On January 1, 2016, 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, 2016.

a.    Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4.

b.    Journalize the entries for the issuance of the note and the four annual note payments.

c.     Describe how the annual note payment would be reported in the 2016 income statement.

 

 

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