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Question: On April 1, 2019, Westinghouse Appliances Inc. (WAI) sold kitchen appliances to Bruce's Bakery at a price of $245,000. Bruce's Bakery paid WAI $5,000 cash up front and signed a two year, 3% note for the remaining amount. Interest is to be paid annually on March 31st with the principal due on March 31, 2021. The market interest rate at the time the contract was signed was 5%. Westinghouse's year end is December 31st
Required: a. Calculate the present value of the Note and make an amortization table using the effective interest method. (Show your all your calculations and round to the nearest dollar).
b. Record the journal entries for this transaction on the following dates assuming that Westinghouse the effective interest rate method. (Show your all your calculations and round to the nearest dollar).
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