FinanceCo lent $91 million to Corbin Construction on January 1, 2018, 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. (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 FinanceCo's lending the funds on January 1, 2018. 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, 2018. 4. Prepare the journal entry for the third installment payment on December 31, 2020 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 answers in whole dollars.) Dec. 31Cash Payment Effective Interest Decrease in Balance Outstanding Balance 2018 2019 2020 Req2 Req 1 3 and 4 Complete this question by entering your answers in the tabs below. Req 2 Req 1 3 and 4 Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018, the first installment payment on December 31, 2018 and third installment payment on December 31, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in View transaction list Journal entry worksheet 2 Record the journal entry for FinanceCo's lending the funds on January 1, 2018 Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 FinanceCo lent $91 million to Corbin Construction on January 1, 2018, 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. (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 FinanceCo's lending the funds on January 1, 2018. 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, 2018. 4. Prepare the journal entry for the third installment payment on December 31, 2020 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 answers in whole dollars.) Dec. 31Cash Payment Effective Interest Decrease in Balance Outstanding Balance 2018 2019 2020 Req2 Req 1 3 and 4 Complete this question by entering your answers in the tabs below. Req 2 Req 1 3 and 4 Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018, the first installment payment on December 31, 2018 and third installment payment on December 31, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in View transaction list Journal entry worksheet 2 Record the journal entry for FinanceCo's lending the funds on January 1, 2018 Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 TABLE 5 Future Value of an Annuity Due of $1 n/i 1.0% 1.596 2.096 2.596 3.096 3.596 4.096 4.596 5.096 5.5% 6.096 7.096 8.096 9.0% 10.0% 11.0% 12.0% 20.0% 1 1.0100 1.0150 1.0200 1.0250 1.0300 1.0350 1.0400 1.0450 1.0500 1.0550 .0600 1.0700 1.0800 .0900 1.1000 .1100 .1200 1.2000 2 2.0301 2.0452 2.0604 2.0756 2.0909 2.1062 2.1216 2.1370 2.1525 2.1680 2.1836 2.2149 2.2464 2.2781 2.3100 .3421 2.3744 2.6400 3 3.0604 3.0909 3.1216 3.1525 3.1836 3.2149 3.2465 3.2782 3.3101 3.3423 3.3746 3.4399 3.5061 3.5731 3.6410 3.7097 3.7793 4.3680 4 4.1010 4.1523 4.2040 4.2563 4.3091 4.3625 4.4163 4.4707 4.5256 4.5811 4.6371 4.7507 4.8666 4.9847 5.1051 5.2278 5.3528 6.4416 5 5.1520 5.2296 5.3081 5.38775.4684 5.5502 5.6330 5.7169 5.8019 5.8881 5.9753 6.1533 6.3359 6.5233 6.7156 6.9129 7.1152 8.9299 6 6.2135 6.3230 6.4343 6.5474 6.6625 6.7794 6.8983 7.0192 7.1420 7.2669 7.3938 7.6540 7.9228 8.2004 8.4872 8.7833 9.0890 11.9159 7 7.2857 7.4328 7.5830 7.7361 7.8923 8.0517 8.2142 8.3800 8.54918.7216 8.8975 9.2598 9.6366 10.0285 10.4359 10.8594 11.2997 15.4991 8 8.3685 8.5593 8.7546 8.9545 9.1591 9.3685 9.5828 9.8021 10.0266 10.2563 10.4913 10.9780 11.4876 12.0210 12.5795 13.1640 13.775719.7989 9 9.4622 9.7027 9.9497 10.2034 10.4639 10.7314 11.0061 11.2882 11.5779 11.8754 12.1808 12.8164 13.4866 14.1929 14.9374 15.7220 16.5487 24.9587 10 10.5668 10.8633 11.1687 11.4835 11.8078 12.1420 12.4864 12.8412 13.2068 13.5835 13.9716 14.7836 15.6455 16.5603 17.5312 18.5614 19.6546 31.1504 11 11.6825 12.0412 12.4121 12.7956 13.1920 13.6020 14.0258 14.4640 14.9171 15.3856 15.8699 16.8885 17.9771 19.1407 20.3843 21.7132 23.1331 38.5805 12 12.8093 13.2368 13.6803 14.1404 14.6178 15.1130 15.6268 16.1599 16.7130 17.2868 17.8821 19.1406 20.4953 21.9534 23.5227 25.2116 27.0291 47.4966 13 13.9474 14.4504 14.9739 15.5190 16.0863 16.6770 17.2919 17.9321 18.5986 19.2926 20.0151 21.5505 23.2149 25.0192 26.9750 29.0949 31.3926 58.1959 14 15.0969 15.6821 16.2934 16.9319 17.5989 18.2957 19.0236 19.7841 20.5786 21.4087 22.2760 24.1290 26.1521 28.3609 30.7725 33.4054 36.2797 71.0351 15 16.2579 16.9324 17.6393 18.3802 19.1569 19.9710 20.8245 21.7193 22.6575 23.6411 24.6725 26.8881 29.3243 32.0034 34.9497 38.1899 41.7533 86.4421 16 17.4304 18.2014 19.0121 19.864720.7616 21.7050 22.6975 23.7417 24.8404 25.9964 27.2129 29.8402 32.7502 35.9737 39.5447 43.5008 47.8837 104.9306 17 18.6147 19.4894 20.4123 21.3863 22.4144 23.4997 24.6454 25.8551 27.1324 28.4812 29.9057 32.9990 36.4502 40.3013 44.5992 49.3959 54.7497 127.1167 18 19.8109 20.7967 21.8406 22.9460 24.1169 25.3572 26.6712 28.0636 29.5390 31.1027 32.7600 36.3790 40.4463 45.0185 50.1591 55.9395 62.4397 153.7400 19 21.0190 22.1237 23.2974 24.5447 25.8704 27.2797 28.7781 30.3714 32.0660 33.8683 35.7856 39.9955 44.7620 50.1601 56.2750 63.2028 71.0524 185.6880 20 22.2392 23.4705 24.7833 26.1833 27.6765 29.2695 30.9692 32.7831 34.7193 36.7861 38.9927 43.8652 49.4229 55.7645 63.0025 71.2651 80.6987 224.0256 21 23.4716 24.8376 26.2990 27.8629 29.5368 31.3289 33.2480 35.3034 37.5052 39.8643 42.3923 48.0057 54.4568 61.8733 70.4027 80.2143 91.5026 270.0307 25 28.5256 30.5140 32.6709 35.0117 37.5530 40.3131 43.3117 46.5706 50.1135 53.9660 58.1564 67.6765 78.9544 92.3240 108.1818126.9988 149.3339 566.3773 30 35.1327 38.1018 41.3794 45.0003 49.0027 53.4295 58.3283 63.7524 69.7608 76.4194 83.8017 101.0730 122.3459 148.5752 180.9434 220.9132 270.2926 1418.2579 40 49.3752 55.0819 61.6100 69.0876 77.6633 87.5095 98.8265 111.8467 126.8398 144.1189 164.0477 213.6096 279.7810 368.2919 486.8518 645.8269 859.1424 8812.6294 TABLE 6 Present Value of an Annuity Due of $1 PVAD - ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2 1.99010 1.98522 1.98039 1.97561 1.97087 1.96618 1.96154 1.95694 1.95238 1.94787 1.94340 1.93458 1.92593 1.91743 1.90909 1.90090 1.89286 1.83333 3 2.97040 2.95588 2.94156 2.92742 2.91347 2.89969 2.88609 2.87267 2.85941 2.84632 2.83339 2.80802 2.78326 2.75911 2.73554 2.71252 2.69005 2.52778 4 3.94099 3.91220 3.88388 3.85602 3.82861 3.80164 3.77509 3.74896 3.72325 3.69793 3.67301 3.62432 3.57710 3.53129 3.48685 3.44371 3.40183 3.10648 5 4.90197 4.85438 4.80773 4.76197 4.71710 4.67308 4.62990 4.58753 4.54595 4.50515 4.46511 4.38721 4.31213 4.23972 4.16987 4.10245 4.03735 3.58873 6 5.85343 5.78264 5.71346 5.64583 5.57971 5.51505 5.45182 5.38998 5.32948 5.27028 5.21236 5.10020 4.99271 4.88965 4.79079 4.69590 4.60478 3.99061 7 6.79548 6.69719 6.60143 6.50813 6.41719 6.32855 6.24214 6.15787 6.07569 5.99553 5.91732 5.76654 5.62288 5.48592 5.35526 5.23054 5.11141 4.32551 8 7.72819 7.59821 7.47199 7.34939 7.23028 7.11454 7.00205 6.89270 6.78637 6.68297 6.58238 6.38929 6.20637 6.03295 5.86842 5.71220 5.56376 4.60459 9 8.65168 8.48593 8.32548 8.17014 8.01969 7.87396 7.73274 7.59589 7.46321 7.33457 7.20979 6.97130 6.74664 6.53482 6.33493 6.14612 5.96764 4.83716 0 9.56602 9.36052 9.16224 8.97087 8.78611 8.60769 8.43533 8.26879 8.10782 7.95220 7.80169 7.51523 7.24689 6.99525 6.75902 6.53705 6.32825 5.03097 11 10.47130 10.22218 9.98259 9.75206 9.53020 9.31661 9.11090 8.91272 8.72173 8.53763 8.36009 8.02358 7.71008 7.41766 7.14457 6.88923 6.65022 5.19247 12 11.36763 11.07112 10.78685 10.51421 10.25262 10.00155 9.76048 9.52892 9.30641 9.09254 8.88687 8.49867 8.13896 7.80519 7.49506 7.20652 6.93770 5.32706 13 12.25508 11.90751 11.57534 11.25776 10.95400 10.66333 10.38507 10.11858 9.86325 9.61852 9.38384 8.94269 8.53608 8.16073 7.81369 7.49236 7.19437 5.43922 14 13.13374 12.73153 12.34837 11.98318 11.63496 11.30274 10.98565 10.68285 10.39357 10.11708 9.85268 9.35765 8.90378 8.48690 8.10336 7.74987 7.42355 5.53268 15 14.00370 13.54338 13.10625 12.69091 12.29607 11.92052 11.56312 11.22283 10.89864 10.58965 10.29498 9.74547 9.24424 8.78615 8.36669 7.98187 7.62817 5.61057 16 14.86505 14.34323 13.84926 13.38138 12.93794 12.51741 12.11839 11.73955 11.37966 11.03758 10.71225 10.10791 9.55948 9.06069 8.60608 8.19087 7.81086 5.67547 17 15.71787 15.13126 14.57771 14.05500 13.56110 13.09412 12.65230 12.23402 11.83777 11.46216 11.10590 10.44665 9.85137 9.31256 8.82371 8.37916 7.97399 5.72956 18 16.56225 15.90765 15.29187 14.71220 14.16612 13.65132 13.16567 12.70719 12.27407 11.86461 11.47726 10.76322 10.12164 9.54363 9.02155 8.54879 8.11963 5.77463 19 17.39827 16.67256 15.99203 15.35336 14.75351 14.18968 13.65930 13.15999 12.68959 12.24607 11.82760 11.05909 10.37189 9.75563 9.20141 8.70162 8.24967 5.81219 20 18.22601 17.42617 16.67846 15.97889 15.32380 14.70984 14.13394 13.59329 13.08532 12.60765 12.15812 11.33560 10.60360 9.95011 9.36492 8.83929 8.36578 5.84350 21 19.04555 18.16864 17.35143 16.58916 15.87747 15.21240 14.59033 14.00794 13.46221 12.95038 12.46992 11.59401 10.81815 10.12855 951356 8.96338469 445.86958 25 22.24339 21.03041 19.91393 18.88499 17.93554 17.05837 16.24696 15.49548 14.79864 14.15170 13.55036 12.46933 11.52876 10.70661 9.98474 9.34814 8.78432 5.93710 30 26.06579 24.37608 22.84438 21.45355 20.18845 19.03577 17.98371 17.02189 16.14107 15.33310 14.59072 13.27767 12.15841 11.19828 10.36961 9.65011 9.02181 5.97472 40 33.16303 30.36458 27.90259 25.73034 23.80822 22.10250 20.58448 19.22966 18.01704 16.92866 15.94907 14.26493 12.87858 11.72552 10.756969.93567 9.23303 5.99592 Present Value of $1 PV 1.5% TABLE 2 $1 n/i 1.096 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.096 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 2 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.91573 0.90703 0.89845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 0.57870 40188 4 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.87630 0.86384 0.85161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.80245 0.78353 0.76513 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 6 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0.66634 0.63017 0.59627 0.564470.53464 0.50663 0.33490 7 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 279 0.92348 0.88771 0.85349 0.82075 0.78941075941 0.730690.70319 0.67684 0.65160 O-62741 0.58201 0.54027 O.501 87 0.46651 0.43393 0.40388 0.23257 9 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 0.64461 0.61763 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.64393 0.61391 0.58543 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 11 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 0.13459 11216 13 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.56427 0.53032 0.49856 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.09346 14 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.06491 12 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.49697 0.44401 0.39711 0.35553 0.31863 0.28584 0.25668 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.49447 0.45811 0.42458 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.05409 17 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45280 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.03756 608 130 19 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.43330 0.39573 0.36158 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.41464 0.37689 0.34273 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43883 0.39679 0.35894 0.32486 0.29416 0.24151 0.19866 0.16370 0.13513 0.11174 0.09256 0.02174 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.34770 0.31007 0.27666 0.24698 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 01048 28 0.75684 0.65910 0.57437 0.50088 0.43708 0.38165 0.33348 0.29157 0.25509 0.22332 0.19563 0.15040 0.11591 0.08955 0.06934 0.05382 0.04187 0.00607 29 0.74934 0.64936 0.56311 0.48866 0.42435 0.36875 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.10733 0.08215 0.06304 0.04849 0.03738 0.00506 25 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.37512 0.33273 0.29530 0.26223 0.23300 0.18425 0.14602 0.11597 0.09230 0.07361 0.05882 30 0.74192 0.63976 0.55207 0.47674 0.41199 0.35628 0.30832 0.26700 0.23138 0.20064 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 0.00421 31 0.73458 0.63031 0.54125 0.46511 0.39999 0.34423 0.29646 0.25550 0.22036 0.19018 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02980 0.00351 40 0.67165 0.55126 0.45289 0.37243 0.30656 0.25257 0.20829 0.17193 0.14205 0.11746 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00068