On December 31, 2020, Sack Port Ventures Inc. borrowed $107,000 by signing a four-year, 6.5% installment note. The note requires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2021 through 2024.

a)Make/ Prepare an amortization table for this installment note.(Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.)

b) Prepare journal entries that Sack Port Ventures Inc. would make to record the loan on December 31, 2020, and the four payments starting on December 31, 2021, through the final payment on December 31, 2024.(Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)