Little Company borrowed $$48,000$ from Sockets on January $1,2024,$ and signed a three$-$year, $6\%$ installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $$1$ for $3$ periods at $6\%$ is $2\mathrm{.}67301.$

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 $31,2026.$

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

Required $1$

Required $2$

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.