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Prepare the journalize entry paid the first annual payment

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Reference no: EM132490802

On January 1, Ocean Company obtained a $100,000, 5-year 5% installment note from State Farm Bank. The note requires annual payments of $23,098, with the first payment occurring on the last day of the fiscal year.

Requirement:

Question (a) Complete the amortization schedule provided

Question (b) Journalize the following entries:

  1. Issued the installment notes for cash on January 1.
  2. Paid the first annual payment (principal & interest) on the note. (Use schedule to obtain the principal and interest amounts)

Reference no: EM132490802

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