FinanceCo lent $$8\mathrm{.}2$ million to Corbin Construction on January $1,2024,$ to construct a playground. Corbin signed a three$-$year, $7\%$ installment note to be paid in three equal payments at the end of each year.

Required:

Prepare the journal entry for FinanceCo$$s lending the funds on January $1,2024.$

Prepare an amortization schedule for the three$-$year term of the installment note.

Prepare the journal entry for the first installment payment on December $31,2024.$

Prepare the journal entry for the third installment payment on December $31,2026.$