Homework Answers
| 1 | |||
| Debit | Credit | ||
| Jan 01 | Cash | 340000 | |
| Notes payable | 340000 | ||
| 2 | |||
| Interest expense | 27200 | =340000*8% | |
| Principal Reduction | 57955 | =85155-27200 | |
Add Answer to:
4100 Saved On January 1, MM Co, borrows $340,000 cash from a bank and in return...
On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an...
On January 1, MM Co. borrows
$350,000 cash from a bank and in return signs an 4% installment
note for five annual payments of $78,619 each. 1. Prepare the
journal entry to record issuance of the note. 2. For the first
$78,619 annual payment at December 31, what amount goes toward
interest expense? What amount goes toward principal reduction of
the note?
On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an 4% installment...
Check my work On January 1, MM Co. borrows $370,000 cash from a bank and in...
Check my work On January 1, MM Co. borrows $370,000 cash from a bank and in return signs an 4% installment note for five annual payments of $83,112 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $83,112 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2...
On January 1, 2018, MM Co. borrows $330,000 cash from a bank and in return signs...
On January 1, 2018, MM Co. borrows $330,000 cash from a bank and in return signs an 4% installment note for five annual payments of $74,127 each, with the first payment due one year after the note is signed. 1. Prepare the journal entry to record issuance of the note 2. For the first $74127 annual payment at December 31, 2018, what amount goes toward interest expense? What amount goes toward principal reduction of the note? & Answer is complete...
QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows...
QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows $280,000 cash from a bank and in return signs an 8% installment note for five annual payments of $70,128 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $70,128 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in...
QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows...
QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $90,164 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $90,164 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note?
Required information [The following information applies to the questions displayed below.) On January 1, MM Co....
Required information [The following information applies to the questions displayed below.) On January 1, MM Co. borrows $310,000 cash from a bank and in return signs an 4% installment note for five annual payments of $69.634 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $69,634 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare the journal entries for Eagle to record the note's issuance and the four payments (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Eagle borrows $35,000 cash by signing a four-year, 7% installment...
On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note.
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,246, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) 1 Eagle borrows $24,000 cash by signing a four-year,...
Enviro Company issues 11.00%, 10-year bonds with a par value of $440,000 and semiannual interest payments....
Enviro Company issues 11.00%, 10-year bonds with a par value of $440,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8.00%, which implies a selling price of 128.125. The straight-line method is used to allocate Interest expense. 1. Using the implied selling price of 128.125. what are the issuer's cash proceeds from issuance of these bonds? 2. What total amount of bond interest expense will be recognized over the life of these...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
On January 1, MM Co. borrows
$350,000 cash from a bank and in return signs an 4% installment
note for five annual payments of $78,619 each. 1. Prepare the
journal entry to record issuance of the note. 2. For the first
$78,619 annual payment at December 31, what amount goes toward
interest expense? What amount goes toward principal reduction of
the note?
On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an 4% installment...
Check my work On January 1, MM Co. borrows $370,000 cash from a bank and in return signs an 4% installment note for five annual payments of $83,112 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $83,112 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2...
On January 1, 2018, MM Co. borrows $330,000 cash from a bank and in return signs an 4% installment note for five annual payments of $74,127 each, with the first payment due one year after the note is signed. 1. Prepare the journal entry to record issuance of the note 2. For the first $74127 annual payment at December 31, 2018, what amount goes toward interest expense? What amount goes toward principal reduction of the note? & Answer is complete...
QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows $280,000 cash from a bank and in return signs an 8% installment note for five annual payments of $70,128 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $70,128 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in...
QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $90,164 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $90,164 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note?
Required information [The following information applies to the questions displayed below.) On January 1, MM Co. borrows $310,000 cash from a bank and in return signs an 4% installment note for five annual payments of $69.634 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $69,634 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare the journal entries for Eagle to record the note's issuance and the four payments (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Eagle borrows $35,000 cash by signing a four-year, 7% installment...
Enviro Company issues 11.00%, 10-year bonds with a par value of $440,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8.00%, which implies a selling price of 128.125. The straight-line method is used to allocate Interest expense. 1. Using the implied selling price of 128.125. what are the issuer's cash proceeds from issuance of these bonds? 2. What total amount of bond interest expense will be recognized over the life of these...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
Most questions answered within 3 hours.
-
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 54 minutes ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 56 minutes ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 1 hour ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 1 hour ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 1 hour ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 1 hour ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 1 hour ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 1 hour ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 1 hour ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 2 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 1 hour ago -
Inheritance pattern in BRCA 1
Describe the inheritance pattern of BRCA 1 Is it recessive or...
asked 1 hour ago