Entries for installment Note Transactions On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $13,620, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. (Note: Due to rounding, the 12/31/Year 4 Interest expense is provided.) Interest Expense (7% of January 1 Note Carrying Amount) Year Ending December 31 January 1 Carrying Amount Note Payment (Cash Paid) Decrease in Notes Payable December 31 Carrying Amour Year 1 Year 2 Year 3 Year 4 2,853 b. Joumalize 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. par 1 Jan 1 Year 1 Dec. 31 Year 2 Dec. 31 Check My Work Previous Next >