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What is journal entry to record first cash collection by

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Reference no: EM133012485

On January 1, 2021, The Concod Company received a 4-year promissory note that had a face value of $825,000, and a stated interest rate of 6%. Interest was receivable on January 1 each year. The note was issued to yield an effective interest rate of 8%. The Concord Company is publicly traded, uses the effective interest method of amortization for discounts or premiums, and has an April 30 year-end.

Problem 1: How to do a note premium / discount amortization schedule?

Problem 2: What are the journal entries to record the receipt of the note on January 1, 2021, and any required accrual entries at the company's year-end on April 30, 2021. What is the journal entry to record the first cash collection by. The Concord Company on January 1, 2022.

Reference no: EM133012485

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