Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $58,000, four-year, 10% installment note from Campbell Bank. The note requires annual payments of $18,297, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. 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 in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out. Amortization of Installment Notes Interest Expense (101 of January 1 Note Carrying January 1 Carrying Amt Note Payment (Cash Paid) December 31 Carrying b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits. LL LL c. How will the annual note payment be reported in the Year 1 income statement? of $ would be reported on the income statement. Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of operations, Galileo Company purchased two available-for- sale investments as follows: Security Shares Purchased cost Hawking Inc. 600 $21,300 Pavlov Co. 1,630 30,155 Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of $42 per share and the Pavlov Co. stock had a market value of $33 per share. Galileo Company had net income of $165,200 and paid no dividends for the year ending December 31, Year 1. All of the available-for-sale investments are classified as current assets. a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments. Galileo Company Balance Sheet (selected items) December 31, Year 1 Assets Current Assets: Available for Sale Investments, at Cost 25.200 Plus Valuation Allowance for Available for Sale Investments 53.790 X $ 78,99 Feedback b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earnings and unrealized gain (loss) for the available-for-sale investments. Galileo Company Balance Sheet (selected Stockholders' Equity items) December 31, Year 1 Stockholders' Equity Retained Earnings $ 3.900 x Unrealized Gain (Loss) on Available for Sale Investments v 23,635