Little Company borrowed $45,000 from Sockets on January 1, 2016, 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 5% is 2.72325. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry on January 1, 2016, for Sockets lending the funds.

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

record the scokets payment received on 12//31/18

Record the sockets payment received on December 31, 2018.