Jan. 1. Issued the note for cash at its face amount. Dec. 31. Paid the annual payment on the note, which consisted of interest of $7,200 and Year 4 Dec. 31. Paid the annual payment on the note, including $3,134 of interest. The remainder principal of $21,288. of the payment reduced the principal balance on the note. EX 14-12 Entries for installment note transactions OBJ. 4 On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4 b. Journalize the entries for the issuance of the note and the four annual note payments c. Describe how the annual note payment would be reported in the Year 1 income statement