Journalize the entries for the issuance of the note and the

Reference no: EM13601035

On January 1, 2012, Daan Company obtained a $28,000, four-year, 9% installment note from Poklers Bank. The note requires annual payments of $8,642, beginning on December 31, 2012.
a. Prepare an amortization table for this installment note. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. (Note: Due to rounding, the 12/31/2015 Interest expense is provided.)

B. Journalize the entries for the issuance of the note and the four annual note payments. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

C. Describe how the annual note payment would be reported in the 2012 income statement.

Reference no: EM13601035

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