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Prepare the necessary journal entry at June

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Question - On January 1, 2020, Sisek Company borrowed $800,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $792,800 was received when the note was issued.

Required -

1. Prepare the necessary journal entry at January 1, 2020.

2. Prepare the necessary journal entry at June 30, 2020. If required, round amounts to the nearest dollar.

3. Prepare the necessary journal entry at December 31, 2020. If required, round amounts to the nearest dollar.

4. Determine the carrying amount of these notes at the end of the fifth year (December 31, 2024).

Reference no: EM132514796

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