On January 1, 2018, King Inc. borrowed $190,000 and signed a 4-year, note payable with a 10% interest rate. Each annual payment is in the amount of $57,069 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank. Jan. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Dec. 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15
On January 1, 2018, King Inc. borrowed $190,000 and signed a 4-year, note payable with a 10% interest rate. Each annual payment is in the amount of $57,069 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank. Jan. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Dec. 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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On January 1, 2018, King Inc. borrowed $190,000 and signed a 4-year, note payable with a 10% interest rate. Each annual payment is in the amount of $57,069 and payment is due each Dec. 31.
What is the
Jan. 1 | fill in the blank 2 | fill in the blank 3 | |
fill in the blank 5 | fill in the blank 6 | ||
Dec. 31 | fill in the blank 8 | fill in the blank 9 | |
fill in the blank 11 | fill in the blank 12 | ||
fill in the blank 14 | fill in the blank 15 |
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