$7.$ Adam Baum Company borrowed $$48,000$ from B$.$ A$.$ Ware on January $1,2021,$ and signed a three$-$year, $6\%$ installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $$1$ for $3$ periods at $6\%$ is $2\mathrm{.}67301.$

Required:

a$.$ Calculate the amount of one installment payment.

b$.$ Record the Journal Entries on January $1,2021$ and December $31$st$,2021.$