On January 2,2010,Cardy Computers Purchased Machinery by Paying $15,000 Down

Essay

On January 2,2010,Cardy Computers purchased machinery by paying $15,000 down and signing a 4-year,10% installment note for the $60,000 balance.The loan agreement called for 8 semiannual payments beginning July 1,2010.Determine the amount of each semiannual payment (round to the nearest dollar)and prepare journal entries for the first two payments,including the accrual at year end.Cardy has a December 31 year end.