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What amount is current versus long-term

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Installment note (negotiated first day of fiscal year)

Bret Enterprises borrows $12,000 on January 1, 2015, and signs a 6% promissory note to be repaid in full by December 31, 2020. The note requires end-of-year annual installments comprising blended interest and principal components; interest is calculated annually.

Required:

Question 1. Use an online amortization calculator to determine the amount of each annual installment. Produce an amortization schedule showing for each year of the note the beginning principal balance, interest, principal repayment, and ending principal balance.

Question 2. Prepare journal entries for 2015 and 2016, assuming Bret Enterprises prepares quarterly financial statements.

Question 3. Of the balance owed at December 31, 2015, what amount is current versus long-term?

Attachment:- current verus long term.rar

Reference no: EM132467875

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