On December 31,2020,Zimmer Corporation borrowed $80,000 by signing a 12% installment note that is to be repaid in 8 annual payments,the first of which is due on December 31,2021.
(a)Prepare a general journal entry to record the borrowing of the money.
(b)Assume that the payments are to consist of accrued interest plus equal amounts of principal.Prepare general journal entries to record the first and second installment payments.
(c)Contrary to the assumption in (b)above,assume now that the note requires each installment payment to be $14,564.Prepare general journal entries to record the first and second installment payments.(Round all amounts to the nearest whole dollar.)

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The Answer of On December 31,2020,Zimmer Corporation borrowed $80,000 by signing a 12% installment note that is to be repaid in 8 annual payments,the first of which is due on December 31,2021.
(a)Prepare a general journal entry to record the borrowing of the money.
(b)Assume that the payments are to consist of accrued interest plus equal amounts of principal.Prepare general journal entries to record the first and second installment payments.
(c)Contrary to the assumption in (b)above,assume now that the note requires each installment payment to be $14,564.Prepare general journal entries to record the first and second installment payments.(Round all amounts to the nearest whole dollar.)

On December 31,2020,Zimmer Corporation Borrowed $80,000 by Signing a 12