Exercise 14-19 (Algo) Installment note; lender; amortization schedule (LO14-3] Finance Co lent $8.3 million to Corbin Construction on January 1, 2021, to construct a playground. Corbin signed a three-year, 5% installment note to be paid in three equal payments at the end of each year. (FV of $1. PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for Finance Co's lending the funds on January 1, 2021. 2. Prepare an amortization schedule for the three-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2021. 4. Prepare the journal entry for the third installment payment on December 31, 2023. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2 Req 1 3 and 4 Prepare an amortization schedule for the three-vear term of the installment note. (Enter vour answers in whole dollars.) Complete this question by entering your answers in the tabs below. Req 2 Req 1 3 and 4 Prepare an amortization schedule for the three-year term of the installment note. (Enter your ans Dec. Effective Cash Payment Decrease in 31 Outstanding Interest Balance Balance 8,300,000 2021 3,047,828 415,000 2,632,828 5,667,172 2022 3,047,828 152,391 2023 3,047,828 9,143,484 567,391 2,632,828 Req 2 Req 1 3 and 4 Prepare the journal entries for FinanceCo's lending the funds on January 1, 2021, the first installment payment on December 31, 2021 and the third installment payment on December 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) General Journal Credit No 1 Date January 01, 2021 Notes receivable Debit 8,300,000 Cash 8,300,000 2 2 December 31, 202 Cash 830,000 Interest revenue 415,000 3 December 31, 2021 Cash 415,000 Notes receivable 415,000