A company purchased two new delivery vans for a total of $250,000 on January 1,2013.The company paid $40,000 cash and signed a $210,000,three-year,8% note for the remaining balance.The note is to be paid in three annual end-of-year payments of $81,487 each,with the first payment on December 31,2013.Each payment includes interest on the unpaid balance plus principal.
(1) Prepare a note amortization table using the format below:
(2) Prepare the general journal entries to record the purchase of the vans on January 1,2013 and the second annual installment payment on December 31,2014.
Definitions:
Grandparents
The parents of a person's father or mother – paternal or maternal.
Healthier
A state of improved physical, mental, or social well-being, often as a result of changes in lifestyle, environment, or healthcare.
Wealthier
Having a greater amount of money, resources, or assets.
Degenerative Disorder
A medical condition characterized by the progressive deterioration of function or structure of affected tissues or organs.
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