P14-8 - Date of Issue $409,806 End of year 1 $40,981...

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Debit Credit 31-Dec-10 Computer  $409,806  Discount on Notes Payable  $190,194       Notes Payable  $600,000  31-Dec-11 Depreciation Expense  $67,961      Accumulated Depreciation  $67,961  Interest Expense  $40,981       Discount on Notes Payable  $40,981  31-Dec-12 Depreciation Expense  $67,961      Accumulated Depreciation  $67,961  Interest Expense  $45,079      Discount on Notes Payable  $45,079  Schedule of Note Discount Amortization Cash Paid
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Unformatted text preview: Date of Issue $409,806 End of year 1 $40,981 $40,981 $450,787 End of year 2 $45,079 $45,078 $495,866 End of year 3 $45,987 $45,987 $545,453 End of year 4 $54,547 $54,547 $600,000 Because of rounding $2 was added to the end of year 4 so that the carrying amount of the Interest Expense Discount Amortized Carrying Amount of Note e note would be $600000....
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This note was uploaded on 01/30/2011 for the course ACCT ACCT 550 taught by Professor Cavendar during the Spring '10 term at Keller Graduate School of Management.

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P14-8 - Date of Issue $409,806 End of year 1 $40,981...

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