Little Company borrowed $50,000 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. Required: 1. Prepare the journal entry on January 1, 2021, 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, 2021 5. Prepare the journal entry for Sockets' third installment payment received on December 31, 2023. 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, 2021, 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. Date General Journal 1 January 01, 2021 Notes receivable Cash Required Required 2> Debit Credit 50,000 50,000 Little Company borrowed $50,000 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. Required: 1. Prepare the journal entry on January 1, 2021, 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, 2021. 5. Prepare the journal entry for Sockets' third installment payment received on December 31, 2023, 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 $ 18,360 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, required. Round your answers to the nearest whole dollar amount.) Year Cash Payments 2021 2022 2023 Effective Interest 0 0 Increase in Balance Outstanding Balance Journal entry worksheet 1 Record the entry for the first installment payment received on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the entry for the third installment payment received on December 31, 2023. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal