RAS Corporation issued a one-year, 12%, $200,000 note on August 31, 2010. Interest expense for the year ended December 31, 2010 was: a. $6,000. b. $10,000. c. $24,000. d. $8,000
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- De Meaning Corporation issued a one-year 6% $400,000 note on April 30, 2017. Interest expense for the year ended December 31, 2017 was: Group of answer choices $24,000. $18,000. $16,000. $14,000.On January 1, Year 1, Zero Company obtained a $52,000, four-year, 6.5% installment note from Regional Bank. The note requires annual payments of $15,179, beginning on December 31, Year 1. The December 31, Year 2 carrying amount in the amortization table for this installment note will be equal to )a. $26,000 b. $21,642 Oc. $28,402 Od. $27,635On November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. Please provide the journal entry to accrue interest expense for the period of November 1 through the end of the year. Select one: a. Dr. Interest expense 400 Cr. Interest payable 400 b. Dr. Interest expense 200 Cr. Interest payable 200 c. DR. Interest payable 400 Cr. Interest expense 400 d. Dr. Interest payable Cr. Interest 200 expense 200
- On January 1, Year 1, Bryson Company obtained a $36,000, four-year, 8% installment note from Campbell Bank. The note requires annual payments of $10,869, beginning on December 31, Year 1. Question Content Area a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Enter all amounts to the nearest whole dollar. Round Year 4 Interest Expense (up or down) to ensure the carrying amount is zero at the end of the note term. Amortization of Installment Notes Year EndingDecember 31 January 1Carrying Amount Note Payment(Cash Paid) Interest Expense(7% of January 1Note CarryingAmount) Decrease inNotes Payable December 31Carrying Amount Year 1 $fill in the blank b118f2fd6fc7fe2_3 $fill in the blank b118f2fd6fc7fe2_4 $fill in the blank b118f2fd6fc7fe2_5 Year 2 fill in the blank b118f2fd6fc7fe2_8 fill in the blank b118f2fd6fc7fe2_9 fill in the blank b118f2fd6fc7fe2_10 Year 3 fill in the…On December 1, 2024 Modern Deing Products borrowed $97,000 on a 0% 10-year note with annual installment payments of $9 700 plus interest due on December 1 of each succeeding year On December 1. the principal was recorded as a What amount of the nole will be shown as portion of 20247 (Round your answer to nearest whole number) Nole Payable on OA $19,400 OB $15.500 OC. $9,700 OD $5,820please help me
- On the first day of the current fiscal year, $2,000,000 of 10-year, 6% bonds, with interest payable annually, were sold for $2,125,000. Present entries to record the following transaction for the current fiscal year. b. First annual interest payment (record as separate entry from premium amortization).On January 1st, year one, zero company obtained a 52,000, for year, 6.5% installment note from regional bank. The note requires annual payments of $15,179, beginning on December 31st, year one. The December 31st, Year too carrying amount in the amortization table for this installment and it will be equal toOn January 1, 2018 ABC Corporation issued a five-year $1,000,000, 8%, at $1,250,000. Interest is paid annually on December 31. The market rate of interest is 5%. Required: Using the effective interest rate method, what is the interest expense at December 31, 2018? Interest Expense at December 31,2018 = $___________________________ What is the carrying value of the bond at December 31, 2018? Carrying value of bond on December 31, 2018 = $ ________________________ What is the carrying value of the bond at January 1, 2023? Carrying value of the bond at January 1, 2023 =$_________________________
- On January 1 of Year 1, Bryson Company obtained a $147,750, 4-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31 of Year 1. Question Content Area a. Prepare a table for this installment note, similar to the one presented in Exhibit 4. Enter all amounts as positive numbers. (Note: Due to rounding, the Year 4 Interest expense is provided.) Round the computation of the interest expense to the nearest whole dollar. If an amount box does not require an entry, leave it blank. b. Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank.The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2008, contained the following accounts. 5-year Bonds Payable 8% P1,000,000Bond Interest Payable 50,000Premium on Bonds Payable 100,000Notes Payable (3 mo.) 40,000Notes Payable (5 yr.) 165,000Mortgage Payable (P15,000 due currently) 200,000Salaries Payable 18,000Taxes Payable (due 3/15 of 2009) 25,000 The total long-term liabilities reported on the balance sheet are Group of answer choices 1,365,000 1,465,000 1,350,000 1,450,000.On January 1, a company borrowed cash by issuing a $390,000, 4%, installment note to be paid in three equal payments at the end of each year beginning December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What would be the amount of each installment?Prepare an amortization table for the installment note.Prepare the journal entry for the second installment payment.