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Prepare montys journal entries for the january 1 issuance

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Reference no: EM132326340

Question :

Monty Corporation issued a 4-year, $36,000, 4% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $27,253. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%.

Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 interest.

Reference no: EM132326340

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