On January $1,2021,$ Eagle Company borrows $$22,000$ cash by signing a four$-$year, $6\%$ installment note. The note requires four equal payments of $$6,349,$ consisting of accrued interest and principal on December $31$ of each year from $2021$ through $2024.$

Prepare the journal entries for Eagle to record the note's issuance and each of the four payments.

Note: Round your intermediate calculations and final answers to the nearest dollar amount.

Journal entry worksheet

$1.$ Eagle borrows $$22,000$ cash by signing a four$-$year, $6\%$ installment note. Record the issuance of the note on January $1,2021.$

$2.$ Record the payment of the first installment payment of interest and principle on December $31,2021.$

$3.$ Record the payment of the second installment payment of interest and principle on December $31,2022.$

$4.$ Record the payment of the third installment payment of interest and principle on December $31,2023.$

$5.$ Record the payment of the fourth installment of interest and principle on December $31,2024.($Hint: Make sure that the balance in Notes Payable is $$0$ after this entry.$)$