FinanceCo lent $8.8 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.)

Prepare the journal entry for FinanceCos 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.

Dec. 31	Cash Payment	Effective Interest	Decrease in Balance	Outstanding Balance
				not attempted
2021	not attempted	not attempted	not attempted	not attempted
2022	not attempted	not attempted	not attempted	not attempted
2023	not attempted	not attempted	not attempted

No	Date	General Journal	Debit	Credit