Access an online loan calculator with annual payments, such as the one at

mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $$16,000,$ interest of $7\%$ compounded annually, and a term of $3$ years.

Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year $3$ on its December $31$ fiscal year$-$end. Prepare Welton Corporation's journal entries on $($a$)$ January $1,$ Year $1$; $($b$)$ December $31,$ Year $1$; $($c$)$ December $31,$ Year $2$; and $($d$)$ December $31,$ Year $3.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.$)$

$\backslash$table$[[,$No$,$Transaction,General Journal,Debit,Credit$],[\backslash$rho $,1,($a$),$Cash,$16,000,],[,,$Notes Payable $($long$-$term$),,16,000],[0,2,($b$),$Notes Payable $($long$-$term$),,],[,,$Interest Expense,$1,120,],[,,$Cash,,$],[\%,3,($c$),$Notes Payable $($long$-$term$),,],[,,$Interest Expense,,$],[,,$Cash,,$],[,4,($d$),$Notes Payable $($long$-$term$),,],[,,$Interest Expense,,$],[,,$Cash,,$]]$