FinanceCo lent $8.4 million to Corbin Construction on January 1, 2024, to construct a playground. Corbin...

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FinanceCo lent $8.4 million to Corbin Construction on January 1, 2024, to construct a playground. Corbin signed a three-year, 4% Installment note to be paid in three equal payments at the end of each year. Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2024. 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, 2024. 4. Prepare the journal entry for the third installment payment on December 31, 2026. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) 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. Note: Round intermediate calculations and final answers to the nearest whole dollar. December 31 Cash Payment 2024 2025 2026 Effective Interest Decrease in Balance Outstanding Balance Req 2 Req 13 and 4 > FinanceCo lent $8.4 million to Corbin Construction on January 1, 2024, to construct a playground. Corbin signed a three-year, 4% Installment note to be paid in three equal payments at the end of each year. Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2024. 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, 2024. 4. Prepare the journal entry for the third installment payment on December 31, 2026. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) 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. Note: Round intermediate calculations and final answers to the nearest whole dollar. December 31 Cash Payment 2024 2025 2026 Effective Interest Decrease in Balance Outstanding Balance Req 2 Req 13 and 4 >