October 1, 2015, GFS borrows $150,000 cash from a bank by signing a three-year installment note bearing 10% interest. The note requires equal total payments each year on September 30. Required 1. Compute the total amount of each installment payment. 2. Complete an amortization table for this installment note. 3. Prepare the journal entries to record (a) accrued interest as of December 31, 2015 (the end of its annual reporting period) and (b) the first annual payment on the note.

October 1, 2015, GFS borrows $150,000 cash from a bank by signing a three-year installment note bearing 10% interest. The note requires equal total payments each year on September 30. Required 1. Compute the total amount of each installment payment. 2. Complete an amortization table for this installment note. 3. Prepare the journal entries to record (a) accrued interest as of December 31, 2015 (the end of its annual reporting period) and (b) the first annual payment on the note.

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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