INSTALLMENT NOTES PAYABLE On January 1, 2018, Saugatuck Company borrowed $250,000 for 5 years at 6% interest. The loan requires 5 annual payments of $59,349.10 (round computations to the nearest PENNY). 1. Complete the amortization schedule for this loan. Reduction in Carry Value Date Cash Payment Interest Expense Carry Value 1/1/18 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 2. Provide the journal entry to record loan at inception Date Account Name Debit Credit 3. Provide the journal entry to record payment at 12/31/2018. Account Name Debit Date Credit