Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $36,000, four-year, 8 %% installment note from Campbell Bank. The note requires annual payments of $10,869, beginning on December 31, Year 1 amortization table for this installment note, similar to the one presented in Exhibit 4 a. Prepare a Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount n the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out Amortization of Installment Notes Interest Expense Year Ending (8% of January 1 December 31 January Note Payment Decrease in December Note Carrying Carrying (Cash Paid) Payable Carrying Amount No Amount) Amount Year 1 Year 2 Year 3 Year 4 T 4 Amortization of Installment Notes A C D E Decrease in Notes Payable (B C) January 1 Carrying Amount Interest Expense (6% of January 1 Note Carrying Amount) December 31 Year Ending Note Payment (Cash Paid) Carrying Amount (A - D) December 31 S 5,698 (6% of $24,000) (6% of $19,742) (6% of $15,229) (6% of $10,445) (6% of $5,374) $ 4,258 204 $24,000 19,742 15,229 10,445 5,374 $1,440 1,185 $19,742 15,229 10,445 5,374 205 5,698 5,698 5,698 5,698 $28,490 4,513 4,784 5,071 206 914 27 627 208 324 5,374 $24,000 $4,490 Rounded ($5,374-$5,698). b. Journalize the entries for the issuance of the note and the four annual note payments. rdown to ensure that debits equal credits. Note: For a compound transaction, if an amount box does not require an entry, leave blank. For the Year 4 entry (due to rounding), adjust Notes Payable up 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 i the Year 1 income statement? would be reported on the income statement