On January 1, 2023, a company issued a $28,000, 6%, 4-year installment note payable to purchase a new car for the business. Payments of $657.58 are due at the end of each month for 48 months. How much will be recorded for interest expense for the first payment on January 31, 2023?

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   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 Dec. 31   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15

Tolino Company signed a 5-year note payable on January 1, 2020, of $200,000. The note requires annual principal payments each December 31 of $40,000 plus interest of 6%. The entry to record the annual payment on December 31, 2021, includes:

At the end of 2022, the following information is available for Great Adventures.   Additional interest for five months needs to be accrued on the $32,200, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,200 of the $32,200 loan discussed above is due next year. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,200 during the year and recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $14,200. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $6,200.   No Date General Journal Debit Credit 1 Dec 31 Interest Expense 805       Interest Payable   805…