Use the data in Exercise 14-25 to prepare journal entries that KEC Environmental Corp. would make to record the loan on December 31, 2023, and the four payments starting on December 31, 2024, through the final payment on December 31, 2027.

Data From Exercise 14-25

On December 31, 2023, KEC Environmental Corp. borrowed $100,000 by signing a four-year, 5% installment note. The note requires four equal payments of accrued interest and principal on December 31 of each year from 2024 through 2027.