Little Company borrowed $40,000 from Sockets on January 1, 2018, 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 267301. Required: 1. Prepare the journal entry on January 1, 2018, for Sockets' 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 Sockets' first installment payment received on December 31, 2018 5. Prepare the journal entry for Sockets' third installment payment received on December 31, 2020 Complete this question by entering your answers in the tabs below. Record for the sockets lending the fund on January 1, 2018. Note: Enter debits before credits. Debit Credit Date January 01, 2018 General Journal MAGANDA ANA Required: 1. Prepare the journal entry on January 1, 2018, fc 2. Calculate the amount of one installment paym 3. Prepare an amortization schedule for the three 4. Prepare the journal entry for Sockets' first insta 5. Prepare the journal entry for Sockets' third inst Complete this question by entering your ans Required 1 Required 3 Requir Calculate the amount of one installment payment. Installment payment