#36 Seved 1 On January 1, McNeil Company borrows $101000 cash by signing a four year, 8% installment note. The note requires four equal payments consisting of accrued interest and principal on December 31 of each for the next four years. Required: 1. Compute the amount of each of the four equal payments. (Note: Use Table B.3 in Appendix B.) 2. Prepare an amortization table for this installment note, 3. Prepare the journal entries in which McNeil Company records the following: (4) McNeil Company borrows $101.000 cash by signing a four-year, 8% instaliment note (6) Record the first payment on December 31, Year 1 Record the last payment on December 31, Year 4 Boo 0 rences Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg JA to 30 Compute the amount of each of the four equal payments. (Round the PV factor to four decimal places. Round your answer to the nearest whole dollar) Amount of each payment Reg 2 > 1. compute the amount of each of the tour equal payments. (Note: Use tapie 33 Appendix s.) 2. Prepare an amortization table for this installment note. 3. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $101.000 cash by signing a four-year, 8% Installment note. (b) Record the first payment on December 31, Year 1. Record the last payment on December 31, Year 4 Complete this question by entering your answers in the tabs below. Reg Reg 2 Req 3A to SC Prepare an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount Round your answer to the nearest whole dollars.) Period Beginning Balance Debit Interest Expense Debit Notes Payable Credit Cash Ending Balance Year 1 Year 2 Year 3 Year 4 Total 1 Prepare the journal entries in which McNeil Company records the following: (a) McNell Company borrows $101,000 cash by signing a four-year, 8% Installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. Show less View transaction list Book Journal entry worksheet 0 rences 2 3 Record McNeil Company's borrowing of $101,000 cash by signing a four-year, 8% Installment note. Note Enter debit before and General Journal Date January 01 Debit Credit Recen entry Clear entry View generale