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At the end of each year, you plan to deposit $4,000 in a savings account. The account will earn 7% annual interest, which will be

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At the end of each year, you plan to deposit $4,000 in a savings account. The account will earn 7% 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 (EVIO $1. PV O SI. FVAO S1 and PVA of51) (Use the appropriate factor(s) from the tables provided.) 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 10th year (ie, 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. 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.) No Date General Journal Debit Credit 1 December 31 280 Savings account Cash 280 Req 2 and 3 > 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 earned on the 10 deposits? (Round your answer to nearest whole dollar.) + IS IN 2 3 Balance in the savings account Interest eamed 59,134 % 19,1343 Reg 1 Reg 2 and 3 Reg 4 Reg 5 How much interest revenue did the fund earn in the second year? In the third year? (Do not round intermediate calculations. Round your answers to nearest whole dollar) Year 2 Year 3 580 X $ 900 Interest revenue ( Req 2 and 3 Req5 > Prepare the all required journal entries at the end of the second and third years. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar) No Date General Journal Debit Credit 1 December 31 Savings account 580 Cash 580 2 2 December 31 1.610 Savings account Cash 1.610

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