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Received a loan from "The Other Bank:" (acct 27200). You will also need to set up account 27201 for the Discount on the Note.

Received a loan from “The Other Bank:” (acct 27200). You will also need to set up account 27201 for the Discount on the Note. It is a zero interest loan of $15,000 that must be paid back in 2 years. I must repay them $18,150 in two years, otherwise no payments are due until then. Since there are no payments due until the end of year 2, show the adjusting entries on your Excel worksheet and the final payment.

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