3 Required information [The following information applies to the questions displayed below.] On January 1, 2024, Rosemont Corporation borrowed $8 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $2,882,788 on December 31 of each year. The payments include interest at a rate of 4%. Create an amortization schedule for this loan on scratch paper. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) View transaction list Journal entry worksheet 2 3 Record the payment of first annual installment on the note payable. Note: Enter debits before credits. Date December 31, 2024 General Journal Interest Expense Notes Payable Cash Debit Credit

Required information Journal entry worksheet Record the payment of second annual installment on the note payable. Note: Enter debits before credits: Journal entry worksheet Record the payment of third annual installment on the note payable. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below] On January 1, 2024, Rosemont Corporation borrowed $8 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $2,882,788 on December 31 of each year. The payments include interest at a rate of 4%. Create an amortization schedule for this loan on scratch paper. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) Journal entry worksheet Record the payment of first annual instaliment on the note payable. Note: Enter debits before credits