Exercise 14-14

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On January 1, $41,000 cash is borrowed from a bank in return for a 8% installment note with 36 monthly payments of $1,285 each. (1) Prepare an amortization table for the first three months of this installment note. (2) Record the entry for issuance of the note. (3) Record the entry for the first interest payment and for the second interest payment. Answer is not complete. Complete this question by entering your answers in the tabs below. Record the entry for the first interest payment and for the second interest payment. (Round your answers to the nearest whole dollar.)