DCL Industries purchased a supply of mechanical components from E Corporation on November 1, 2009. In payment for the $48,000 purchase, DCL issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%.

Required:

1. Calculate the amount of monthly payments for the note.

2. Prepare the journal entries for the first TWO installment payments on November 30, and December 31,2009.