Exercise 3 On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822. Journalize the entries to record the following: al. Issued the installment note for cash on the first day of the fiscal year. 22. Paid the first annual payment on the note. For a compound transaction, if an amount box does not require an entry, leave it blank. 5 of 12 raments Prepare an amortization table for this installment note Amortization of Installment Notes For the January 1 Carrying Amount Interest Expense (8% of January 1 Note Carrying Amount) Note Payment (Cash Paid) Year December 31 Carrying Decrease in Notes Payable Ending 5,280 14.647, Year! 66,000 19,927 51, 363 4, 106 Year 2 15. Year 3 Year 4 66,000 Journalize the entries for the issuance of the note and the four annual note payments Year 1 Jan. Ia h Year 1 omCash 66,000 a nn Year 1 Jan. Notes payable 66,000 Year 1 Dec. 31 Year 1 Dotes payable Interest expense 5, 280 Cash 19,927 Year 2 Dec. 31 Year 2 Dec. 31