On January 1, JCCC borrows $130,000 cash by signing a 4-year, 5% installment note. The note requires four equal payments consisting of accrued interest and principal on December 31 for each of the next four years.

Required 

1. Compute the amount of each of the four equal payments. Round the answer to a whole number.

2. Prepare an amortization table for this installment note. 

3. Prepare journal entries for 

(a) The note’s issuance; 

(b) The first payment on December 31, Year 1; 

(c) The final payment on December 31, Year 4.