Problem 1 c. Record the accrual of interest and amortization of the bonds on Dec

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Problem 1

c. Record the accrual of interest and amortization of the bonds on December 31, 2012, the year end. (Do not round until the fina answer. Then round to the nearest whole dollar.) Paid the first installment and interest for one year on the outstanding note payable. (Do not round until the final answer. Then round to the nearest whole number.) Purchased a piano (inventory) for $70,000, signing a six-month, 6% note payable. May 31 Borrowed $80,000 on an 8% note payable that calls for annual installment payments of $16,000 principal plus interest Record the short-term note payable in a separate account from the long-term note payable. Paid the six-month,6% not eat maturity 31 Accrued warranty expense, which is estimated at 1.5% of sales of $1 93,000. Accrued interest on the outstanding note payable. May 31 Paid the first installment and interest for one year on the outstanding note payable.

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Problem 1 c. Record the accrual of interest and amortization of the bonds on Dec

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