For the Following Transaction,provide All of the Required Journal Entries

question 74

Essay

For the following transaction,provide all of the required journal entries from inception to liquidation.Assume a December 31 year end and that the company does not prepare interim statements.Round all amounts to nearest dollar.
$\begin{array}{lr}\text { Face value of note payable } & \$ 200,000 \\\text { Date of issue for note } & \text { May } 1,2016 \\\text { Due date for note } & \text { May } 1,2017 \\\text { Interest rate in the note } & 5 \% \\& \text { (interest due at maturity) } \\\text { Market rate of interest } & 5 \% \\\text { Consideration received } & \text { Cash }\end{array}$

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Definitions:

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