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How will the notes payable be reported

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Reference no: EM132561926

Question - On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772 with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822.

Required - Make the accounting entries to record the following:

a. Issued the installment note for cash on the first day of the fiscal year.

b. Paid the first annual payment on the note

c. How will the notes payable be reported on the balance sheet at the end of the first year.

Reference no: EM132561926

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