Installment payments on Fauberts long-term debt begin in Year 6; $10,000 is due each year for four years. Faubert does not intend to make the Year 6 scheduled payment; the Year 6 and Year 7 amounts will be paid in Year 7, including interest and penalties totaling $2,720.

REQUIRED

1. Correcting journal entries, if applicable, for items a. through j. If no correcting journal entry is needed, indicate "No CJE."