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Prepare journal entries for first two installment payments

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Riverside Corporation purchased equipment from Brainard Co., on January 1, 2021. In payment for $150,000 equipment, Riverside Corporation issued a 6-year note to be paid in six equal payments at the end of each year. The payments include interest at the rate of 8%.

Required:

Problem 1: Calculate the amount of each installment.

Problem 2: Prepare the journal entry for purchase of equipment.

Problem 3: Prepare the journal entries for the first two installment payments on December 31, 2021 and 2022.

Reference no: EM132828158

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