At the end of each year, you plan to deposit $3,700 in a strvings account. The account will earn 7 percent annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (EV or S1, PY of.S1, EVA of St, and PVA of Si) Note: Use the appropriate factor(s) from the tables provided. Required: 1. Assume you follow GAAP. Prepare the required joutnal entry at the end of Year 1 . 2. What will be the balance in the savings account at the end of the 10 th year (le., after 10 deposits?? 3. What is the interest earned on the 10 deposits? 4. Hew much interest revenue did the fund eaen in the second year? in the third year? 5. Assume you follow GAAP. Prepare the all required joumal entries ot the end of the second and third years. Complete this question by entering your answers in the tabs below. Assume you follow GAAP: Prepare the requiled joumat entry at the end of Year 1. \&if no entry is cequired for a transactionverent, select "No journal entry fequired" in the frest account field.) Assume you follow GAAP. Prepare the required fournal entry at the end of Year 1 . (tf no entry is required for a transactior/eventi; seiect "No Joarnal entry required" in the first account field.) Journal entry worksheet Record the required journal entry on December 31, Year 1. Notet imier debats before credits. 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn in the second year? In the third year? 5. Assume you follow GAAP. Prepare the all required journal entries at the end of the second and third years. Complete this question by entering your answers in the tabs below. 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? (Round your answer to nearest whole dollar.) 3. What is the interest eamed on the 10 deposits? (Round your answer to nearest whole dollar.) Required: 1. Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. 2. What will be the balance in the savings account at the end of the 10 th year (i.e., after 10 deposits)? 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn in the second year? In the third year? 5. Assume you follow GAAP. Prepare the all required joumal entries at the end of the second and third years. Complete this question by entering your answers in the tabs below. How much interest revenue did the fund earn in the second year? In the thilrd year? (Do not round intermediate calculations, Round your answers to nearest whole dollar.) Assume you follow GAap. Prepare the all required joumal entries at the end of the second and third years. (if no entry is required for a transaction/event, select "No joumal entry required' in the first account ficld. Round your answers to nearest whole dollor.) Journal entry worksheet 2 Record the required entry on December 31, Year 2. Note Entrit debiti beforin erephty
