Accounting for an installment note payable The following transactions apply to Whitter Co. for 2012, its first year of operations. 1. Received $100,000 cash in exchange for issuance of common stock. 2. Secured a $200,000, 10-year installment loan from First Bank. The interest rate was 6 percent and annual payments are $27,174. 3. Purchased land […]
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