$4$

$\frac{371}{5}$ points awarded

On January $1,$$$40,000$ cash is borrowed from a bank in return for a $10\%$ installment note with $36$ monthly payments of $$1,291$ each.

$(1)$ Prepare an amortization table for the first three months of this installment note.

$(2)$ Record the entry for issuance of the note.

$(3)$ Record the entry for the first interest payment and for the second interest payment.

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$-$Red text indicates no response was expected in a cell or a formula$-$based calculation is incorrect; no points deducted.