II. On January 1, 2017, Eagle borrows $200,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2017 through 2020.

1) Prepare the journal entry to record the installment loan on January 1, 2017:

2) Prepare an amortization schedule in excel using the template called Loan Amortization Schedule and print it out on one page.

3) Using the schedule above, prepare the journal entry to record the first interest payment made on December 31, 2017: