On January 1, 2019, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.)

January 1, 2019

Cash $22,000 (debit)

Note Payable $22,000 (credit)

December 31, 2019

Interest Expense $1,320 (debit)

Note Payable $5,029 (credit)

Cash $6,349 (credit)

December 31, 2020

Interest Expense $1,018 (debit)

Note Payable $5,331 (credit)

Cash $6,349 (credit)

December 31, 2021

Interest Expense $698 (debit)

Note Payable $5,651 (credit)

Cash $6,349 (credit)

December 31, 2022

Interest Expense $359 (debit)

Note Payable $5,990 (credit)

Cash $6,349 (credit)

Explanation:

First Prepare an amortization table to determine the accrued interest and principal for each of the 4 payments made for the duration of the note payable.

Enter the following Data to prepare the amortization schedule:

PV = $22,000

n = 4

r = 6%

Pmt = - $6,349

P/yr = 1

Fv = 0

When the Note is issued on January 1, 2019, the following entries are recorded :

Cash $22,000 (debit)

Note Payable $22,000 (credit)

The following are the Payments made at the end of the year :

December 31, 2019

Interest Expense $1,320 (debit)

Note Payable $5,029 (credit)

Cash $6,349 (credit)

December 31, 2020

Interest Expense $1,018 (debit)

Note Payable $5,331 (credit)

Cash $6,349 (credit)

December 31, 2021

Interest Expense $698 (debit)

Note Payable $5,651 (credit)

Cash $6,349 (credit)

December 31, 2022

Interest Expense $359 (debit)

Note Payable $5,990 (credit)

Cash $6,349 (credit)

in 2001, dell computer became the world’s largest personal computer vendor, continuing to

gain market share and post profits in an industry struggling with slumping sales and billions of

dollars in losses. dell sells 90% of its pcs directly to the final customer, largely bypassing the

reseller channel that accounts for most of the world’s pc sales. this direct customer relationship

is the key to dell’s business model, and provides distinct advantages over the indirect sales

model. dell’s direct relationship with the customer allows it to tailor its offerings to customer

needs, offer add-on products and services, and use the internet to offer a variety of customer

services. in addition, dell’s pcs are built to customers’ specifications upon receipt of an order,

giving dell additional advantages over indirect pc vendors who must try to forecast demand and

ship products based on those forecasts. dell’s direct sales and build-to-order model has achieved

superior performance in the pc industry in terms of inventory turnover, reduced overhead, cash

conversion, and return on investment (kraemer, et al., 2000).

explanation:

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