Prepare an amortization schedule and prepare journal entry (thru year 2020-2024) E7.13 (LO 4) (Note Transactions...

Prepare an amortization schedule and prepare journal entry (thru year 2020-2024)
E7.13 (LO 4) (Note Transactions at Unrealistic Interest Rates) On July 1, 2020, Agincourt Inc. made two sales.

1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on Agincourt’s books at a cost of $590,000.

2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually).

Expert Solution

Hence 3% Interest Bond interest for the year-end of 2020 $6,000/-

ekkarill92 answered 1 year ago

prepare the journal entry to record payment of the note at maturity

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