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Exercise 7-9A (Algo) Financial statement effects of an installment note LO 7-5 Dan Dayle started a business by issuing an $82,000 face value note to First State Bank on January 1, Year 1 . The note had an 8 percent annual rate of interest and a five-year term. Payments of $20,537 are to be made each December 31 for five years. Required a. What portion of the December 31, Year 1, payment is applied to interest expense and principal? b. What is the principal balance on January 1, Year 2? c. What portion of the December 31, Year 2, payment is applied to interest expense and principal? (Round your answers to the nearest dollar amount.) Exercise 7-11A (Algo) Accounting for a line of credit LO 7.6 Colson Company has a line of credit with Federal Bank. Colson can borrow up to $406.000 at any time over the course of the calendar yeer. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of the year Colson agreed to pay interest at an annual rate equal to 1.50 percent above the bank's prime rate. Funds are borrowed of repaid on the first day of each month. Interest is payable in cach on the last doy of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson poys 5.75 percebt (4.25 percent +1.50 percent) annual interest on $77,000 for the month of January. Required a. Compute the amount of interest that Colson wal pay on the line of credit for the first four months of the yeaf. b. Compute the amount of Colson's liabilty at the end of each of the first four months. Complete this question by entering your answers in the tabs below, Compute the amount of interest that Colson wis pay on the line of credit for the first four manths of the year. (Round your answers to the nearest whole dollar.) Exercise 7.11A (Algo) Accounting for a line of credit LO 7.6 Colson Company has a line of credit with. Federal Bank. Colson can borrow up to $406.000 at any time over the course of the calendar yeac. The following table shows the prime rate expressed as an annual percentoge along with the amounts borrowed and repaid during the first four months of the year Colson agreed to pay interest at an annual rate equal to 150 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson pays 5.75 percent (4.25 percent +1.50 percent) annual interest on $77,000 for the month of January. Required a. Compute the amount of interest that Colson will pay on the line of credit for the first four months of the year. b. Compute the emount of Colson's liability at the end of each of the first four months. Complete this question by entering your answers in the tabs below. Compute the amount of Colson's liability at the end of each of the first four months. (Do not roudd intermediate calculations. Round your final answers to the nearest whole doliar.)