On December 31, 2023, Sack Port Ventures Inc. borrowed $101,000 by signing a four-year, 7.0% installment note. The note requires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2024 through 2027 a. How much principal will be included in each of the four payments? Amount of principal in each payment $ 25,250 b. Prepare an amortization table for this installment note (Round the final answers to the nearest whole dollar. Enter all the amounts 4 as positive values.) Payments Year Ending Interest Notes Beginning Balance Expense Payable Cash Ending Balance 25.250 $ 32.320 5 75.750 50.500 2024 2025 $ 101.000 $ 7.070 $ 75.750 5,303 25.250 30.553 c. Prepare journal entries that Sack Port Ventures Inc. would make to record the loan on December 31, 2023, and the four payments starting on December 31, 2024, through the final payment on December 31, 2027 (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date 1 December 31, 2023 Cash Notes payable 2 3 December 31, 2024 Interest expense Notes payable Cash December 31, 2025 Interest expense Notes payable Cash General Journal Debit Credit 101,000 101,000 2 3 4 5 December 31, 2024 Interest expense Notes payable Cash December 31, 2025 Interest expense Notes payable Cash December 31, 2026 Interest expense Notes payable Cash December 31, 2027 Interest expense Notes payable Cash