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On January 1, 2019, Thurman Co. acquired a machine from Ikaduha Co. In lieu of cash payment, Una gave Ikaduha a 3-year, 800,000, 3% note payable. Principal is due on December 31, 2020 but interest is due annually every December 31. The prevailing interest rate for this type of note is 10%.
Requirement:
Problem 1: Compute the carrying amount of the note payable on December 31, 2019. (Show the amortization table)
Problem 2: Pre-forma entries to record transactions in 2019.
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