Little Baby Company borrowed $40,000 from Big Momma inc. on January 1, 2021, and signed a three-year, 6% installment note to be pald in three equal payments at the end of each year. The present value of an ordinary annulty of $1 for 3 periods at 6% is 2.67301 Required: 1. Prepare the journal entry on January 1, 2021, for Big Momma's lending the funds. 2. Calculate the amount of one installment payment. 3. Prepare an amortization schedule for the three-year term of the installment note. 4. Prepare the journal entry for the first instaliment payment received on December 31,2021. 5. Prepare the journal entry for the third installment payment recelved on December 31,2023 . Complete this question by entering your answers in the tabs below. Prepare the foumal entry for Sockets' first installment payment recelved on December 31,2021 . (if no entry is required for a transactionvevent, select "No journal entry required" in the first account feid. Enter your answers in whole dollars.) Journal entry worksheet Record the entry for the first installment payment received on December 31 , 2021