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Calculate the annual cash payment

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Reference no: EM132972379

Problem - Zuri Corporation borrowed $100,000 on October 31, 2021 by signing a 4-year, 5% installment note. The note requires equal annual cash payments on October 31 of each year from 2022 through 2025.

REQUIRED -

1. Record the journal entry for the issuance of the note.

2. Calculate the annual cash payment. You may use your financial calculator or using a present value annuity factor of 3.5460.

3. Prepare the following journal entries: (round to two decimal places). Show all calculations. a. The adjusting entry at December 31, 2021. b. The first payment on October 31, 2022.

Reference no: EM132972379

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