es On January 1, McNell Company borrows $101,000 cash by signing a four-year, 8% Installment note. The note requires four equal payments consisting of accrued Interest and principal on December 31 of each for the next four years. Required: 1. Compute the amount of each of the four equal payments. (Note: Use Table B.3 in Appendix B.) 2. Prepare an amortization table for this Installment note. 3. Prepare the journal entries in which McNell Company records the following: (a) McNell Company borrows $101,000 cash by signing a four-year, 8% Installment note. (b) Record the first payment on December 31, Year 1. (a) Record the last payment on December 31, Year 4. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A to 3C Prepare an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount. Round your answe to the nearest whole dollars.) Period Beginning Balance Debit Interest Expense Debit Notes Payable Credit Cash Ending Balance Year 11 5 101.000 S 8.080 Year 2 Year 3 Year 4 Total 8.080 S