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Show Me HOW Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $47,000, four year, 9% installment note from Campbell Bank. The note requires annual payments of $14.507, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4 round the amount in the Decrease in Notes Payable column either up or down to ensure that the Carrying Amount zeroes out. Amortization of Installment Notes Year Interest Expense Ending (96 of January 1 December 31 December January 1 Note Payment Decrease in Note Carrying Carrying Carrying Amount (Cash Paid) Notes Payable 31 Amount) Amount Year 1 14,507 47,000 36,723 4,230 10,277 36,723 Year 2 14,507 3,305 11,202 25,521 Year 3 25,521 14,507 12,210 2,297 1,196 13,311 Year 4 13,311 14,507 13,331 58,028 11,028 47,020 b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits Year 1 jan. 1 Cash 47.000 Notes Payable 47,000 4.230 Year 1 Dec. 31 Interest Expense Notes Payable 10,277 Previous Sunt test for Grade All work saved. Year 4 13,311 14,507 1,196 58,028 11,028 47,020 b. Journalize the entries for the issuance of the note and the four annual note payments Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), ads Notes Payable up or down to ensure that debits equal credits Year 1 Jan. 1 Cash 47.000 Notes Payable 47.000 Year 1 Dec. 31 Interest Expense Notes Payable Cash 4.230 10,277 14,507 3,305 Year 2 Dec. 31 Interest Expense Notes Payable Cash 11.202 14.507 2.297 Year 3 Dec. 31 Interest Expense Notes Payable Cash 12.210 14.507 1.196 Year 4 Dec. 31 Interest Expense Notes Payable Cash 13.311 14.507 c. How will the annual note payment be reported in the Year 1 income statement? Interest expense of 4,230 would be reported on the income statement Previous Submest for Grading All work saved 151 PM 6/2/2020