On January 1 of Year 1, Bryson Company obtained a $183,000, four-year, 4% installment note from Campbell Bank. The note requires annual payments of $50,415, beginning on December 31 of Year 1. Required:
a. Prepare an amortization table.
b. Journalize the entries for the issuance of the note and the four annual note payments.
c. Describe how the annual note payment would be reported in the 2016 income statement.