Business, 04.08.2021 03:00 eymurezgi1
On January 1, 2011, Gemstone Company obtained a $280,000, 10-year, 11% installment note from Guarantee Bank. The note requires annual payments of $47,544, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $30,800 and principal repayment of $16,744. The journal entry to record the issuance of the installment note for cash on January 1, 2011 would include:
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On January 1, 2011, Gemstone Company obtained a $280,000, 10-year, 11% installment note from Guarant...
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