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Little Company borrowed $48,000 from Sockets on January 1,2024 , and signed a three-year, 6% instaliment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 6% is 2.67301. Required: 1. Prepare the journal entry on January 1, 2024, for Sockets' lending the funds. 2. Calculate the amount of one instaliment payment. 3. Prepare an amortization schedule for the three-year term of the installment note. 4. Prepare the journal entry for Sockets' first installment payment received on December 31, 2024. 5. Prepare the journal entry for Sockets' third installment payment recelved on December 31,2026 . Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the three-year term of the installment note. Note: Leave no cell blank, enter zero where ever required. Round your intermediate and fin 4. Prepare the journal entry for Sockets' first instaliment payment received on December 31,2024. 5. Prepare the journal entry for Sockets' third installment payment received on December 31,2026. Complete this question by entering your answers in the tabs below. Prepare the journal entry for Sockets' first instaliment payment received on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fieid and final answers to the nearest whole dollar amount. Journal entry worksheet Record the entry for the first installment payment received on December 31 , 2024. Note: Enter debits before credits. 4. Prepare the joumal entry for Sockets' first instaliment payment recelved on December 31,2024. 5. Prepare the journal entry for Sockets' third installment payment received on December 31,2026. Complete this question by entering your answers in the tabs below. Prepare the journal entry for Sockets' third instaliment payment recelved on December 31,2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account and final answers to the nearest whole dollar amount. Journal entry worksheet Record the entry for the third installment payment received on December 31 , 2026. Note: Enter debits before credits