Glen Pool Club, Incorporated, has an installment loan outstanding with a current balance of $$151,000.$ The company makes monthly installments of $$1,553,$ which include interest computed at an annual rate of $6$ percent.

Required:

a$.$ Prepare a partial amortization table showing $(1)$ the original balance of this loan and $(2)$ the allocation of the first two monthly payments between interest expense and the reduction in the loan's unpaid balance.

b$.$ Prepare the journal entry to record the second monthly payment.

c$.$ Will monthly payment decrease as the loan is gradually paid down with each monthly payment? Will the interest included in each payment increase, decrease, or stay the same over the life of the loan?

Complete this question by entering your answers in the tabs below $o+$

Required A

Required B

Prepare a partial amortization table showing $(1)$ the original balance of this loan and $(2)$ the allocation of the first two monthly payments between interest expense and the reduction in the loan's unpaid balance.

Note: Enter all amounts as positive numbers. Round your answers to the nearest dollar amount.

$\backslash$table$[[$Amortization Table$],[\backslash$table$[[$Monthly Interest$],[$Period$]],$Monthly Payment,Interest Expense,$\backslash$table$[[$Reduction in Unpaid$],[$Balance$]],$Unpaid Balance$],[$Original balance,,,,$],[1,,,,],[2,,,,]]$

Atcaulred A