[The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. View transaction list 1 Eagle borrows $22,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. 2 Record the payment of the first installment payment of interest and principal on December 31, 2021. 3 Record the payment of the second installment payment of interest and principal on December 31, 2022. 4 Record the payment of the third installment payment of interest and principal on December 31, 2023. 5 Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this = journal entry has been entered Note : X ote. Credit

[The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. View transaction list 1 Eagle borrows $22,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. 2 Record the payment of the first installment payment of interest and principal on December 31, 2021. 3 Record the payment of the second installment payment of interest and principal on December 31, 2022. 4 Record the payment of the third installment payment of interest and principal on December 31, 2023. 5 Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this = journal entry has been entered Note : X ote. Credit

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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