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Discuss three-year note outstanding during the year

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Construction of the new restaurant started on March 1, 20X5, and was completed on November 1, 20X5, with the following payments to the contractor:

Date Payment

March 1 $200,000

May 1 450,000

July 1 360,000

September 1 180,000

November 1 100,000

Yum-Yum took out a $500,000 bank loan at 10% interest on March 1, 20X5, to finance the construction. The loan was repaid on November 1, 20X5, when construction was complete. The company has $600,000, 5%, 15-year bonds issued January 1, 20X2, with interest payable annually on December 31. It also had a $400,000, 12%, three-year note outstanding during the year.

Reference no: EM131790050

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