8 00 Part 1 of 2 ! Return to question Required information [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. points Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) 10 Answer is complete but not entirely correct. Payments Period Ending Date (A) Beginning Balance (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit Cash (E) Ending Balance 2021 $ 35,000 $ 2,450 $ 7,883 $ 10,333 $ 2022 27,117 1,898 x 8,435 10,333 2023 18,628 1,308 9,025 10,333 27,117 x 18,682 96,657 2024 9,657 676 9,657 10,333 0 Total 6,332 $ 35,000 $ 41,332 Journal entry worksheet 1 2 3 4 5 Eagle borrows $100,000 cash by signing a four-year, 7% installment note. Record the issuance of the note on January 1, 2021. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 45 Record the payment of the first installment payment of interest and principal on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet < 1 2 3 4 5 Record the payment of the second installment payment of interest and principal on December 31, 2022. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 Record the payment of the third installment payment of interest and principal on December 31, 2023. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Record the payment of the fourth installment payment of interest and principal on December 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this entry.) Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal