Little company borrowed $43,000 from sockets on January 1, 2021, and signed a three year, 5% 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 5% is 2.72325.

Prepare the journal entry on January 1, 2021, for Sockets' lending the funds. (If so entry is 2. Calculate the amount of one installment payment: (Round your final answer to the nearest whole dollar.) 3. Prepare an amortization schedule for the threc-year term of the installment note. (Leave no cell blank, enter zero where ever required. Round your answers to the aearest whole dollar amount.) 4. Prepare the journal entry for Sockets' first installment payment received on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) 5. Prepare the journal entry for Sockets' third installment payment received on December 31,2023 no entry is required for a transaction/event, select "No journal entry required" in the first