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Problem - On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 6%, three-year note for $200,000. The note will be paid in three annual payments of 574.822 each December 31. The payment schedule follows:
Year
Annual Payment
Principal Portion of Payment
Interest Portion of Payment
Principal Balance at Year-End
2020
$74,822
$62,822
$12,000
$132,178
2021
74,822
66,591
8,231
70,587
2022
4,235
-0-
Required -
1. Prepare the entry to: a. Issue the note on January 2, 2020.
b. Record the annual payment on December 31, 2020.
2. Show how the note will appear on the December 31, 2020, balance sheet.
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