In order to expand its business,the management of Hampton,Inc.issued a long-term notes payable for $50,000 on January 1,2018.The note will be paid over a 10-year period with equal annual principal payments,December 31 of each year.The annual interest rate is 12%.Prepare the journal entry for the first installment payment.Omit explanation.

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The Answer of In order to expand its business,the management of Hampton,Inc.issued a long-term notes payable for $50,000 on January 1,2018.The note will be paid over a 10-year period with equal annual principal payments,December 31 of each year.The annual interest rate is 12%.Prepare the journal entry for the first installment payment.Omit explanation.

In Order to Expand Its Business,the Management of Hampton,Inc