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Prepare the december entries for abbot corporation

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Reference no: EM132579985

Abbot Corp. issued a $270,000, three-year, zero-interest-bearing note payable to Athabasca Corp. for equipment on April 30, 2020. Abbot would normally pay interest at 6%. Abbot has a December 31 year-end and will repay the note with three equal yearly payments of $90,000. Abbot Corporation follows IFRS.

Instructions

Question 1: Prepare the following journal entries for Abbot Corporation:

  1. Record the note
  2. December 31, 2020 interest accrual
  3. April 30, 2021 payment
  4. December 31, 2021 interest accrual
  5. April 30, 2022 payment

Reference no: EM132579985

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