On January 1, 2018, King Inc. borrowed $190,000 and signed a 5- year, note payable with a 10% interest rate. Each annual payment is in the amount of $47,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.) If an amount box does not require an entry, leave it blank. Jan. 1 Dec. 31 0 00

The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid by the signing of a new 14% note for the amount due. how do I prepare the journal entry to record this refinancing of the old note?

On july 1, 2021 I borrowed 50,000 with notes payable with an interest of 6 percent a year. The note and interest are due on December 31st, 2021. On December 31st 2021 I paid 51,500 to settle the debt in full. Assuming no accruals for interest have been made during the year, what is the entry that I need to record?

On December 1, 2022, HEMI obtained a $10,000,000 five-year loan with annual equal principal repayments of $2,000,000 due November 30 of each year. Interest at 5% per year is payable annually with the principal repayment. HEMI has not paid any amounts on this loan in the October 31, 2023 fiscal year. HEMI's Accountant asks you: a. Provide October 31, 2023, adjusting journal entry to record interest owing on the loan

On November 1, 2024, Quantum Technology, a geothermal energy supplier, borrowed $5 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine-month, 6% promissory note. Interest was payable at maturity. Quantum’s fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology. 2. & 3. Prepare the appropriate adjusting entry for the note by Quantum on December 31, 2024 and journal entry for the payment of the note at maturity. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.

On January 1, 2020, South Company acquired a building for P5,000,000. The entity paid P500,000 down and signed a noninterest bearing note for the balance which is payable in 3 equal annual installments every December 31 of each year. The prevailing interest rate for a note of this type is 12%. The present valueof an ordinary annuity of 1 for three periods is 2.4018. Required: Prepare Journal entries to record purchase of building on January 1, 2020, first installment payment on December 31, 2020 and interest for 2020.

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On January 1, 2021, CPS Co. borrowed $340,000 cash from iLend and issued a five-year $340,000, 4% note. Interest was payable annually on December 31. Required:  Prepare the journal entries for both firms to record interest at December 31, 2021.

On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the principal and interest will be paid. Calculate the amount of interest expense that Walker Inc. should report on its income statement for the year ended December 31, 2021. (round to the nearest dollar)

On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2022? Record the journal entry when note has been paid on May 1 2022