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Prepare the journal entries to record the issuance of note

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Problem - Exchange of a Note Payable for an Asset - Webb Corporation purchased an asset from Shaw Corporation on January 1, 2019. Shaw accepted a 3-year, non-interest-bearing note of $18,000 due December 31, 2021, in exchange for the asset. Neither the fair value of the asset nor that of the note is available. Webb's incremental borrowing rate is 12%.

Required - Prepare the journal entries to record the issuance of the note, retirement, and any interest expense on the books of Webb on each of the following dates:

1. January 1, 2019

2. December 31, 2019

3. December 31, 2020

4. December 31, 2021

Reference no: EM132888890

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