On January $1,201,$ Lawrence Lenders loaned $$8\mathrm{.}6$ million to Wilkins Food Products, Inc. to purchase a

frozen food storage facility. Wilkins signed a three$-$year, $6\%$ installment note to be paid in three equal

payments at the end of each year. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$($Use appropriate factor$($s$)$ from the tables provided.$)$

Required: Prepare the following for Lawrence Lenders:

Prepare the journal entry for lending the funds on January $1,201.$

Prepare an amortization schedule for the three$-$year term of the installment note.

Prepare the journal entry for the first installment payment received on December $31,201.$

Prepare the journal entry for the third installment payment received on December $31,203.$

Complete this question by entering your answers in the tabs below.

Req $2$

Req $13$ and $4$

Prepare an amortization schedule for the three$-$year term of the installment note. $($Enter your answers in wholeOn January $1,20$x$1,$ Lawrence Lenders loaned $$8\mathrm{.}6$ million to Wilkins Food Products, Inc. to purchase a frozen food storage facility. Wilkins signed a three$-$year, $6\%$ installment note to be paid in three equal payments at the end of each year. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required: Prepare the following for Lawrence Lenders:

$1.$ Prepare the journal entry for lending the funds on January $1,20$x$1.$

$2.$ Prepare an amortization schedule for the three$-$year term of the installment note.

$3.$ Prepare the journal entry for the first installment payment received on December $31,20$x$1.$

$4.$ Prepare the journal entry for the third installment payment received on December $31,20$x$3.$