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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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