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Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, 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 Journal entry worksheet < 1 2 3 Eagle borrows $16,000 cash by signing a four-year, 5% installment note

Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, 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 Journal entry worksheet < 1 2 3 Eagle borrows $16,000 cash by signing a four-year, 5% installment note

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.6BE: Journalizing installment notes On the first day of the fiscal year, a company issues 45,000, 8%,...
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Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, 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 Journal entry worksheet 1 2 3 Date Note: Enter debits before credits. 4 Eagle borrows $16,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, 2019. 5 General Journal Debit Credit >
Transcribed Image Text:Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, 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 Journal entry worksheet 1 2 3 Date Note: Enter debits before credits. 4 Eagle borrows $16,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, 2019. 5 General Journal Debit Credit >
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