On January 1, Year 1, Luzak Company issued a $47,000, 4-year, 9% installment note to McGee Bank. The note requires annual payments of $14,507,
On January 1, Year 1, Luzak Company issued a $47,000, 4-year, 9% installment note to McGee Bank. The note requires annual payments of $14,507, beginning on December 31, Year 1.
| Year 1 | |
| Jan. 1 | Issued the note for cash at its face amount. |
| Dec. 31 | Paid the annual payment on the note, which consisted of interest of $4,230 and principal of $10,277. |
| Year 4 | |
| Dec. 31 | Paid the annual payment on the note, including $1,198 of interest. The remainder of the payment reduced the principal balance on the note. |
Issued the note for cash at its face amount.
| Year 1, Jan. 1 | fill in the blank a94d8b048fbf03c_2 | ||
| fill in the blank a94d8b048fbf03c_4 |
Paid the annual payment on the note, which consisted of interest of $4,230 and principal of $10,277. For a compound transaction, if an amount box does not require an entry, leave it blank.
| Year 1, Dec. 31 | fill in the blank 63febcfdbfb8f8c_2 | fill in the blank 63febcfdbfb8f8c_3 | |
| fill in the blank 63febcfdbfb8f8c_5 | fill in the blank 63febcfdbfb8f8c_6 | ||
| fill in the blank 63febcfdbfb8f8c_8 | fill in the blank 63febcfdbfb8f8c_9 |
Paid the annual payment on the note, including $1,198 of interest. The remainder of the payment reduced the principal balance on the note. For a compound transaction, if an amount box does not require an entry, leave it blank.
| Year 4, Dec. 31 | fill in the blank aaf3d9fcc03800b_2 | fill in the blank aaf3d9fcc03800b_3 | |
| fill in the blank aaf3d9fcc03800b_5 | fill in the blank aaf3d9fcc03800b_6 | ||
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
