Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $52,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $16,761,...

Extracted text: Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $52,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $16,761, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out.


Extracted text: Amortization of Installment Notes Interest Expense (11% of January 1 * Ending January 1 Note Payment Note Carrying Decrease in December 31 mber 31 Carrying Amount (Cash Paid) Amount) Notes Payable Carrying Amoun ear 1 $ $ ear 2 Iear 3 ear 4 %24