Little Company borrowed $$39,000$ from Sockets on January $1,2024,$ and signed a three$-$year, $7\%$ installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $$1$ for $3$ periods at $7\%$ is $2\mathrm{.}62432.$

Required:

Prepare the journal entry on January $1,2024,$ for Sockets$$ lending the funds.

Calculate the amount of one installment payment.

Prepare an amortization schedule for the three$-$year term of the installment note.

Prepare the journal entry for Sockets$$ first installment payment received on December $31,2024.$

Prepare the journal entry for Sockets$$ third installment payment received on December $31,2026.$

Little Company borrowed $$39,000$ from Sockets on January $1,2024,$ and signed a three$-$year, $7\%$ 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 $3$ perlods at $7\%$ is $2\mathrm{.}62432.$

Required:

Prepare the Journal entry on January $1,2024,$ for Sockets' lending the funds.

Calculate the amount of one Installment payment.

Prepare an amortization schedule for the three$-$year term of the Installment note.

Prepare the Journal entry for Sockets' first Installment payment recelved on December $31,2024.$

Prepare the Journal entry for Sockets' third Installment payment recelved on December $31,2026.$

Complete this question by entering your answers in the tabs below.

Prepare an amortization schedule for the three$-$year term of the installment note.

Note: Leave no cell blank, enter zero where ever required. Round your intermediate and final answers to the nearest whole

dollar amount.