申論題

I. Mert Company borrowed money on Dec. 31, 2018, by issuing 8% installment note payable. The terms call for annual installment payments of $100,000 on each Dec. 31 from Dec. 31, 2019 to Dec. 31,2023. INSTRUCTIONS: All amounts must be rounded to total dollars. For Mert Company,

1. prepare the journal entry on Dec. 31, 2018.