On January 1, Luther Co. issued a $1,000,000, five-year, 8% installment note payable with payments of $250,456 principal plus interest due on January 1 of each year for the next five years.?
(a) Prepare the adjusting journal entry at December 31 to accrue interest for the year.?
(b) Show the account (s) and amount (s) and where it (they) will appear on a multi-step income statement prepared onDecember 31.?
(c) Show the account (s) and amount (s) and where it (they) will appear on a classified balance sheet prepared onDecember 31.

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The Answer of On January 1, Luther Co. issued a $1,000,000, five-year, 8% installment note payable with payments of $250,456 principal plus interest due on January 1 of each year for the next five years.?
(a) Prepare the adjusting journal entry at December 31 to accrue interest for the year.?
(b) Show the account (s) and amount (s) and where it (they) will appear on a multi-step income statement prepared onDecember 31.?
(c) Show the account (s) and amount (s) and where it (they) will appear on a classified balance sheet prepared onDecember 31.