ABC Accepts a $400,000,9% Note from DEF on July 1,2016,and

question 91

Essay

ABC accepts a $400,000,9% note from DEF on July 1,2016,and lends cash to DEF.This note matures on June 30,2018,and requires annual installment payments each June 30 until maturity.The market rate of interest on the date of issue was 9%.Complete the amortization table for this note receivable,then complete all necessary journal entries for 2016,2017,and 2018.ABC is a calendar-year company that files financial statements annually.

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Definitions:

Gantt Charts

A type of bar chart that illustrates a project schedule, showing the start and finish dates of the various elements and tasks within the project.

Aligning

The process of adjusting or arranging multiple elements in a straight line or in correct relative positions, often used in the context of strategic business decisions.

Powerful Individuals

Individuals who hold significant influence or authority within a particular context, often impacting decisions and outcomes.

Top-Management Commitment

The extent to which an organization's highest-level leaders are dedicated to and actively support the implementation of policies, practices, and goals.