Entries for instant Note Transactions on January 1 of Year 1. Bryson Company obtained a 522,000, four year, 12 instiment rate from Camphe Bank. The note requires annual payments of 7.243, beginning on December 2. Prepare an amortization table for this instalment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dolar, Enter amounts over Amortization of installment Notes Interest Expense January 1 Note Payment (12% of January 1 Decrease in December 31 For the Year Winding Carrying Amount (Cash Pald) Note Carrying Amount) Notes Payable Carrying Amount Year 1 Year 2 Years Year 4 775 Exhibit 4 Allocation of Periodic Payments A B C For the Year Ending December 31 Year 1 Year 2 Year 3 Year 4 Year 5 January 1 Carrying Amount $24,000 19,742 15,229 10,445 5,374 Note Payment (cash paid) $ 5,698 5,698 Interest Expense (6% of January 1 Note Carrying Amount) $ 1,440 (0% of $24,000) 1,185 (8% of $19,742) 914 (66 of $15,229) 627 (6% of $10,445) 324" (6% of $5,374) 54,490 D Decrease in Notes Payable (B-C) $ 4,258 4513 4,784 5,071 5374 $24,000 E December 31 Carrying Amount (A-D) $19,742 15,229 10,445 5,374 0 5,608 5,608 5698 $28,490 "Rounded (55,374 - $5,698). 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 Dec. 31 Year 2 Dec. 31 > 110 111 110 VII I Year 3 Dec. 31 Year 4 Dec. 31 C. How will the annual note payment be reported in the Year 1 income statement? of $ would be reported on the income statement