Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $51,500 in its bank account. The note has a 3-year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end.

Prepare the journal entries on

(a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023.

If Cucina Corporations year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021.