ABC Accepts a $400,000, 9%, Two-Year Note from DEF on July

question 22

Essay

ABC accepts a $400,000, 9%, two-year note from DEF on July 1, 2019, and lends cash to DEF. This note matures on June 30, 2021, and requires annual installment payments each June 30 until maturity. The market rate of interest on the date of issue was 9%. Calculate the required annual payment and complete the amortization table for this note receivable, and then complete all necessary journal entries for 2019, 2020, and 2021. ABC is a calendar-year company that files financial statements annually.

---

Definitions:

E-Mail Communications

The exchange of messages and information between individuals or groups through electronic mail systems.

Gender Differences

The distinctions in characteristics, roles, behaviors, and cultural expectations typically associated with one's sex or gender identity.

Personal Issues

Challenges or problems that affect an individual's life on a personal level, including mental health, relationships, and personal growth.

Confess Love

The act of openly expressing one's romantic feelings towards another individual.