Entries for installment note transactions

On January $1$ of Year $1,$ Bryson Company obtained a $$66,000,4-$year, $8\%$ installment note from Campbell Bank. The note requires annual payments of $$19,927,$ beginning on December $31$ of Year $1.$

a$.$ Prepare a table for this installment note, similar to the one presented in Exhibit $4.$ Enter all amounts as positive numbers. $($Note: Due to rounding, the Year $4$ Interest expense is provided.$)$ Round the computation of the interest expense to the nearest whole dollar. If an amount box does not require an entry, leave it blank.

Amortization of Installment Notes

$\backslash$table$[[\backslash$table$[[$For the Year$],[$Ending Dec. $31]],\backslash$table$[[$January $1],[$Carrying Amount$]],\backslash$table$[[$Note Payment$],[($Cash Paid$)]],\backslash$table$[[$Interest Expense$],[(8\%$ of January $1],[$Note Carrying Amount$)]],\backslash$table$[[$Decrease in$],[$Notes Payable$]],\backslash$table$[[$December $31],[$Carrying Amount$]]],[\backslash$table$[[$Year $1],[$Year $2]],,,,$ubrace$($$ubrace$),1020],[,,,,,],[$Year $4,,,,,],[,,,,$$$,]]$

b$.$ Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank.

Year $1$ Jan. $1$

Year $1$ Jan. $1$

Year $1$ Dec. $31$

Year $2$ Dec. $31$

Year $3$ Dec. $31$

Year $4$ Dec. $31$

c$.$ How will the annual note payment be reported in the Year $1$ income statement?