Cucina Corporation signed a new installment note on January $1,2021,$ and deposited the proceeds of $$55,000$ 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.

Required:

Use an online application, such as the loan calculator with annual payments at

mycalculators.com, to complete the amortization

schedule.

Prepare the journal entries on $($a$)$ January $1,2021,$ and December $31$ of $($b$)2021,($c$)2022,$ and $($d$)2023.$

If Cucina Corporation's year$-$end were March $31,$ rather than December $31,$ prepare the adjusting journal entry it would make for this

note on March $31,2021.$

Complete this question by entering your answers in the tabs below.

Required $1$

Use an online application, such as the loan calculator with annual payments at

mycalculators.com, to complete the

amortization schedule. $($Do not round intermediate calculations. Round final answers to nearest whole dollar.$)$