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Prepare journal entries for hager company over the life

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Reference no: EM133036405

Question - Amortization schedule for note where stated interest rate differs from historical market rate of interest - Hager Company acquires a computer from Volusia Computer Company. The cash price (fair value) of the computer is $37,938. Hager Company gives a three-year, interest-bearing note with a maturity value of $40,000. The note requires annual payments of 6% of face value, or $2,400 per year, payable at the end of each year. The interest rate implicit in the note is 8% per year.

Required -

a. Prepare an amortization schedule for the note?

b. Prepare journal entries for Hager Company over the life of the note. Ignore entries for depreciation expense on the computer?

Reference no: EM133036405

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