On June 1, 1999, the Brewer Company signed a $450,000, four-year note, discounted at 16% (compounded rate) payable to First Bank. The note matures May 30, 2003.

Required Use the balance sheet equation to record the following transactions:

a. Cash proceeds received by Brewer Company.

b. Interest for each of the four years.

c. The final payment on the note.