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Prepare the journal entry to record the first two payments

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Question - On December 31, 2017, Galaxy Ltd purchased two new trucks for $260,000. Galaxy paid $60,000 down and signed a $200,000, 5-year, 10% note for the balance. The note is to be paid off in five annual payments beginning December 31, 2018. Assume the installments are to consist of equal amounts of principal plus accrued interest.

Required -

A. Prepare the journal entry on December 31, 2017 to record the purchase?

B. Prepare the journal entry to record the first two payments?

C. Prepare a amortization table for the note for first two payments?

D. If the note was paid with 5 equal payments, what would be the amount of each payment?

Reference no: EM132986636

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