Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of$8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.

On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that have annual payments of$14,140. The first note payment consists of $4,950 of interest and$9,190 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment.

Solve each problem.

Starting at point X, a ship sails 15.5 kilometers on a bearing of $200^{\circ}$, then turns and sails 2.4 kilometers on a bearing of $320^{\circ}$. Find the distance of the ship from point X.

On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of$9,734. The first note payment consists of $3,600 of interest and$6,134 of principal repayment.

a. Journalize the entry to record the issuance of the installment notes.

b. Journalize the first annual note payment.

The following transactions of Smith Pharmacies occurred during 2016 and 2017:

2016 Mar. 1. Borrowed $240,000 from Naples Bank. The eight-year, 7% note requires payments due annually, on March 1. Each payment consists of$30,000 principal plus one year's interest. Dec. 1. Mortgaged the warehouse for $150,000 cash with Sawyer Bank. The mortgage requires monthly payments of$6,000. The interest rate on the note is 11 % and accrues monthly. The first payment is due on January 1, 2017. 31. Recorded interest accrued on the Sawyer Bank note. 31. Recorded interest accrued on the Naples Bank note.

2017 Jan. 1. Paid Sawyer Bank monthly mortgage payment. Feb. 1. Paid Sawyer Bank monthly mortgage payment. Mar. 1. Paid Sawyer Bank monthly mortgage payment.

1. Paid first installment on note due to Naples Bank.

Requirements

1. Journalize the transactions in the Smith Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required.
2. Prepare the liabilities section of the balance sheet for Smith Pharmacies on March 1, 2017 after all the journal entries are recorded.

Journalize the following transactions of Trapper Jon’s Productions:

June 23. Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.
Sept. 21. The note is dishonored by Radon Express Co.
Oct. 21. Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21

The note receivable dishonored in Discussion Question 9 is paid on December 30 by its maker, plus interest for 30 days at 9%. What entry should be made to record the receipt of the payment?

On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of$15,431. The first note payment consists of $3,900 of interest and$11,531 of principal repayment.

a. Journalize the entry to record the issuance of the installment notes.

b. Journalize the first annual note payment.

Cost of bank loan Data Back-Up Systems has obtained a $10,000, 90-day bank loan at an annual interest rate of 15%, payable at maturity. (Note: Assume a 365-day year.) a. How much interest (in dollars) will the firm pay on the 90-day loan?

On the first day of the fiscal year, a company issues $80,000, 7%, seven-year installment notes that have annual payments of$14,844. The first note payment consists of $5,600 of interest and$9,244 of principal repayment.

a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment.

A lighthouse keeper spots a yacht 15 km away on bearing $070^{\circ}$. There is also a rock 9 km from the lighthouse on a bearing of $210^{\circ}$. How far is the yacht from the rock?

Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2021. Amber paid for the lathe by issuing a $600,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash market price of the lathe was unknown. It was determined by comparison with similar transactions that 12% was a reasonable rate of interest.

Required:

1. Prepare the journal entry on January 1, 2021, for Truax Corporation’s sale of the lathe. Assume Truax spent$400,000 to construct the lathe.
2. Prepare an amortization schedule for the three-year term of the note.
3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity for Truax.

On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of$9,734. The first note payment consists of $3,600 of interest and$6,134 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment.

How much carbon does a bearing steel typically contain?