Assume that on 1/1/X1, Collins Co. obtained a $100,000 loan from Hattiesburg Bank. Under the terms of the loan contract, Collins will make equal annual payments of $A on 1/1/X2, 1/1/X3, and 1/1/X4. The loan interest rate is 4%. The Collins loan is scheduled to mature on 1/1/X4. On 12/31/X1, the market interest rate for similar loans was 4.5%. On 12/31/X2, the market interest rate was 4.3% Required: 1. Calculate the amount of the anntual loan payments (A) to be received by Hattiesburg Bank. Hint: The equal loan payments create annuity so the present value factor can be determined from interest tables using the 4% interest rate and 3 periods. 2. Based on your calculation of the loan payments, prepare Hattiesburg Bank's entries to record the loan origination and to accrue interest on 12/31X1, 12/31/X2, and 12/31/X3. Assume that that Hattiesburg Bank expects to hold the Collins Co. loan until maturity on 1/1/X4 and uses the effective interest method. 3. Prepare Hattiesburg Bank's entries to record the collection loan principal and interest on 1/1/2, 1/1/X3, and 1/1/X4. 4. Prepare Collins Co.'s entries to record the loan origination and to accrue interest for years X1, X2, and X3 and to record loan payments on 1/1 of X2, X3, and X4. 5. Assume that Hattiesburg Bank elected to use AFS accounting for the loan. Make the necessary journal entries for years X1 and X2 6. Assume that Collins Company elected to use fair value accounting for the loan. Make the necessary journal entries for years X1 and X2