On January 1, 2015, Zinn Company obtained a $52,000, four-year, 6.5% installment note from RBC Royal Bank. The note requires annual payments of $15,179, beginning on December 31, 2015.

a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 6.

b. Journalize the entries for the issuance of the note and the four annual note payments.

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December 31 Decrease January 1 Carrying Amount $24,000 19,742 15.229 10,445 5.374 Interest Expense (6% of January 1 Note in Notes Carrying Payment (Cash Paid) Payable Amount For the Year Ended: December 31, 2013 December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2017 Note Carrying Amount) $1,440 (6% of $24,000) 1,185 (6% of $19,742) (B – C) (A – D) $ 5,698 $ 4,258 4,513 4,784 5,071 5,374 $19,742 15.229 10.445 5,698 914 (6% of $15.229) 627 5.698 (6% of $10,445) 324 (6% of $ 5,374) $4,490 5,698 5,374 5,698 $28,490 $24,000 'Rounded.