On January 1, Year 1, Bryson Company obtained a $12,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $3,704, beginning on December 31, Year 1. a.  Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out. Amortization of Installment Notes Year EndingDecember 31 January 1Carrying Amount Note Payment(Cash Paid) Interest Expense(9% of January 1Note CarryingAmount) Decrease inNotes Payable December 31Carrying Amount Year 1 $     $     $         $     $     Year 2                                   Year 3                                   Year 4                             0             $     $         $

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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On January 1, Year 1, Bryson Company obtained a $12,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $3,704, beginning on December 31, Year 1.

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

Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out.

Amortization of Installment Notes
Year Ending
December 31

January 1
Carrying Amount

Note Payment
(Cash Paid)
Interest Expense
(9% of January 1
Note Carrying
Amount)

Decrease in
Notes Payable

December 31
Carrying Amount
Year 1 $     $     $         $     $    
Year 2                                  
Year 3                                  
Year 4                             0    
        $     $         $
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