Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes b. Journalize the first annual note payment. For a compound transaction, If an amount box does not require an entry, leave it blank Times interest earned Berry Company reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $298,000 $357,600 Income before income tax expense 3,635,600 4,148,160 a. Determine the number of times interest charges were earned for current Year and prior Year. Round to one decimal place. Current Year Prior Year b. is the number of times interest charges are earned improving or declining? Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $5,600,000, 7%, 4-year bond that pays semiannual interest of $196,000 ($5,600,000 x 7% x %), receiving cash of $5,230,630. Journalize the bond issuance. If an amount box does not require an entry, leave it blank