ABC Accepts a $400,000,9% Note from DEF on July 1,2016,and

ABC accepts a $400,000,9% note from DEF on July 1,2016,and lends cash to DEF.This note matures on June 30,2018,and requires annual installment payments each June 30 until maturity.The market rate of interest on the date of issue was 9%.Complete the amortization table for this note receivable,then complete all necessary journal entries for 2016,2017,and 2018.ABC is a calendar-year company that files financial statements annually.

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Amortization Table:
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