INSTALLMENT NOTES PAYABLE On January 1, 2018, Swansea Corporation borrowed $15,000 for 5 years at 4% interest. The loan requires monthly payments of $276.25 (round computations to the nearest PENNY) 1. Complete the amortization schedule for this loan. Reduction to Interest Expense Carry Value Date Cash Payment Carry Value 1/1/18 2/1/18 3/1/18 4/1/18 2. Provide the journal entry to record loan at inception Account Name Date Debit Credit Provide the journal entry to record payment at 2/1/18 3. Account Name Date Debit Credit