24) Little Company borrowed $43,000 from Sockets on January 1, 2021, and signed a three-year, 5% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 5% is 2.72325. Required: 1. Prepare the journal entry on January 1, 2021, for Sockets' lending the funds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal 1 January 01, 2021 Notes receivable Cash Debit Credit 2. Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.) Installment payment 14