First payment occuring on the last day of the fiscal year

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Reference no: EM13746940

On January 1, 2010, Yeargan Company obtained an $88,000, seven year 5% installment note from Farmer's Bank. The note requires annual payments of $15,208 with the first payment occuring on the last day of the fiscal year.

(1) Journalize the following entries:

a. Issued the installment notes for cash on January 1, 2010.

b. Paid the first annual payment on the note.

c. Paid the second annual payment on the note. (Round to the nearest whole dollar)

Reference no: EM13746940

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