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Prepare the journal entries for eagle to record the loan

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Question - On January 1, 2017, Eagle borrows $19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $5,737, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020.

Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020.

Reference no: EM131763784

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