6 EX.14-12.ALGO (Algorithmic Entries for Installment Note Transactions On January 1, Year 1. Bryson Compeny obtared a s3s,000. four-year, 0% nstanmene note from Campbel bank. The note requires annual payments of $10,869, beginning on December 31, Year 1 a. Prepare an amortization table for this installment nobe, similar to the one presented in Exhibt Note: Round the computation of the interest expense to the nearest whole doitar. Enter all amounts as postive numbers. tn Year 4, round the amount in the Decese ? Notes Proble colm, ether up or down to ensure that the Carrying Amount zeroes out Amortization of In Expense (8% of January Year Endin9 anuary Note Carrying Payment Amount(Cash Paid) Note Carrying Payable Decrease in Notes December 31 Carrying Amount Amount) Year l Year 2 Page 6 of 7 Year 3 Year 4 b. ournalize the entries for the issuance of the note and the four annual note payments Note: For a compound transaction, if an amount bex does not require an entry, leave it blank. For the Year 4 estry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits Year 1 Jan1 Year L Dec. 3 Year 2 Dec. 31 Year 3 Dec. 31 Year 4 Dec. 31 c. How wil the annual note payment be reported in the Year 1 income statement? of s would be reported on the income statement