Little Company borrowed $54.000 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 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 Journal entry worksheet Record the entry for Sockets lending the funds on January 1, 2021. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Little Company borrowed $54,000 from Sockets on January 1, 2021, and signed a three-yea equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 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, 5. Prepare the journal entry for Sockets' third installment payment received on December 31_ 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 Installment payment Little Company borrowed $54,000 from Sockets on January 1, 2021, and signed equal payments at the end of each year. The present value of an ordinary annui 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 nc 4. Prepare the journal entry for Sockets' first installment payment received on De 5. Prepare the journal entry for Sockets' third installment payment received on D 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. (L required. Round your answers to the nearest whole dollar amount.) Year Cash Payments Effective Interest Change in Balance Outstanding Balance 2021 2022 2023 4. Prepare the journal entry for Sockets' first installment payment received on December 5 5. Prepare the journal entry for Sockets' third installment payment received on December 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, 2021 transaction/event, select "No journal entry required" in the first account field. Enter your answe View transaction list Journal entry worksheet
