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Record the journal entry for the issuance of the note

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Reference no: EM132950062

Question  - Zuri Corporation borrowed $100,000 on October 31, 2021 by signing a 4-year, 5% instalment note. The note requires equal annual cash payments on October 31 of each year from 2022 through 2025.

1. Record the journal entry for the issuance of the note.

2. Calculate the annual cash payment. You may use your financial calculator or using a present value annuity factor of 3.5460.

3. Prepare the following journal entries: (round to two decimal places). Show all calculations.

A. The adjusting entry at December 31, 2021.

B. The first payment on October 31, 2022.

Reference no: EM132950062

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