In Order to Expand Its Business,the Management of Hampton,Inc

question 25

Essay

In order to expand its business,the management of Hampton,Inc.issued a long-term notes payable for $50,000 on January 1,2018.The note will be paid over a 10-year period with equal annual principal payments,December 31 of each year.The annual interest rate is 12%.Prepare the journal entry for the first installment payment.Omit explanation.

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Definitions:

Acadians

A group of French-speaking people from the Maritime provinces of Canada, whose ancestors were deported by the British in the 18th century.

Standard Deviation

An approach to assess the magnitude of spread or variation within a group of data points.

Normally Distributed

Refers to a statistical distribution that is symmetrical, with most observations clustering around the central peak and the probabilities for values further away from the mean tapering off equally in both directions.

MBA Degree

Master of Business Administration, a postgraduate degree focusing on business administration and investment management.