Chapter 1 Problem 15-6
2008
Jan. 1 Equipment 580,000
Discount on note payable 120,000
Cash 200,000
Note payable 500,000
Dec. 31 Note payable 100,000
Cash 100,000
31 Interest expense 40,000
Discount on note payable 40,000
Note payable Fraction Amortization
2008 500,000 5/15 40,000
2009 400,000 4/15 32,000
2010 300,000 3/15 24,000
2011 200,000 2/15 16,000
2012 100,000 1/15 8,000
1,500,000 120,000
2009
Dec. 31 Note payable 100,000
Cash 100,000
31 Interest expense 32,000
Discount on note payable 32,000
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