Business, 27.11.2019 23:31, stackpoolekrysp71si4
On january 1, mm co. borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each.1.
prepare the journal entry to record issuance of the note.2. for the first $85,155 annual payment at december 31,
what amount goes toward interest expense?
what amount goes toward principal reduction of the note?
Answers: 2
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On january 1, mm co. borrows $340,000 cash from a bank and in return signs an 8% installment note fo...
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