At the end of each year, you plan to deposit $3,200 in a savings account. The account will earn 8 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. (FV of \$1, PV of \$1. FVA of \$1, and PVA of \$1) Note: Use the appropriate factor(s) from the tables provided. Required: 1. Assume you follow GAAP. Prepare the required journal itry the end Year 2. What will be the balance in the savings account at the 10 le 10 th ye (Le., er 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 t d yea 5. Assume you follow GAAP. Prepare the all required journal entries at the en of th. ec id and third years. Complete this question by entering your answers in the tabs below. Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. (If no entry is require "No journal entry required" in the first account field.) Journal entry worksheet Record the required journal entry on December 31 , Year 1. Note: Enter debits before credits. added to the fund balance at year-end. The first deposit will be made Note: Use the appropriate factor(s) from the tables provided. Required: 1. Assume you follow GAAP. Prepare the required journal entry at the 2. What will be the balance in the savings account at the end of the 10 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn in the second year? 5. Assume you follow GAAP. Prepare the all required journal entries at Complete this question by entering your answers in the tabs bel 2. What will be the balance in the savings account at the EFind of the 10th nearest whole dollar.) 3. What is the interest earned on the 10 deposits? (Round your answer At the end of each year, you plan to deposit $3,200 in a savings account. 1 added to the fund balance at year-end. The first deposit will be made at th Note: Use the appropriate factor(s) from the tables provided. Required: 1. Assume you follow GAAP. Prepare the required journal entry at the end 2. What will be the balance in the savings account at the end of the 10th 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 5. Assume you follow GAAP. Prepare the all required journal entries at the 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 thir Round your answers to nearest whole dollar.) Assume you follow GAAP. Prepare the all required journal entries at the end of the second and third years transaction/event, select "No journal entry required" in the first account field. Round your answers to nea Journal entry worksheet Record the required entry on December 31 , Year 2. Note: Enter debits before credits
