Little Company borrowed $45,000 from Sockets on January 1, 2018, 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. 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. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry on January 1, 2018, for Sockets' lending the funds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No 1 Date General Journal January 01, 2018 Notes receivable Cash < Required 1 Required 2 > Debit Credit 45,000 45,000 Little Company borrowed $45,000 from Sockets on January 1, 2018, 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. 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. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.) Installment payment $ 16,524 < Required 1 Required 3 > Little Company borrowed $45,000 from Sockets on January 1, 2018, 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. 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. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an amortization schedule for the three-year term of the installment note. (Leave no cell blank, enter zero where ever required. Round your answers to nearest whole dollar amount.) Year Cash Payments 2018 2019 2020 Effective Interest 0 Change in Balance Outstanding Balance 54,000 < Required 2 Required 4 > Little Company borrowed $45,000 from Sockets on January 1, 2018, 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. 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. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry for Sockets' first installment payment received on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars.) View transaction list View journal entry worksheet No Date General Journal 1 December 31, 2018 Debit Credit 16,524 Cash Interest revenue Notes receivable < Required 3 Required 5 > Little Company borrowed $45,000 from Sockets on January 1, 2018, 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. 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. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry for Sockets' third installment payment received on December 31, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars.) View transaction list Journal entry worksheet < 1 Record the sockets payment received on December 31, 2020