On January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for thelatest and greatest bouncy house. Bouncy House is required to make annual payments. Thefirst payment occurs on December 31, 20X1.а.Calculateyour annual payment amount.b. Create the loan amortization schedule (table).Record the first three journal entries.d. How much total interest does Bouncy House pay on this installment note?С.

On January 1, 2Ox1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. Calculate your annual payment amount. а. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? C.

On January 1, 2Ox1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. Calculate your annual payment amount. а. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? C.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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