4.

On January 1, a company borrowed cash by issuing a $440,000, 7%, installment note to be paid in three equal payments at the end of each year beginning December 31.

Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

What would be the amount of each installment?

Prepare an amortization table for the installment note.

Prepare the journal entry for the second installment payment.

Prepare an amortization table for the installment note. Note: Round your intermediate and final answers to the nearest Record the second installment payment. Note: Enter debits before credits