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Prepare the installment note schedule

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Question - On January 1, 2020, a company buys a piece of equipment costing $666,633 with a 14% installment note. The note will be paid off with 6 semiannual payments over three years (2 payments a year for 3 years). Each payment is $139,857.

Required -

Prepare the installment note schedule, rounding all numbers to the nearest dollar.

Provide the journal entry to record the purchase of the equipment on January 1, 2020.

Provide the journal entry for June 30, 2022.

Reference no: EM132616475

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