On January 1, 2010, Alan King decided to transfer an amount from his checking account into a savings account that later will provide $80,000 to send his son to college (four years from now). The savings account will earn 8 percent, which will be added to the fund each year-end. Requirement 1: How much must Alan deposit on January 1, 2010? Alan must deposit $ Requirement 2: Give the journal entry that Alan should make on January 1, 2010, to record the transfer. Date General Journal Debit Credit Jan. 1 2010 Requirement 3: What is the interest for the four years? Interest $ Requirement 4: Give the journal entry that Alan should make on (a) December 31, 2010, and (b) December 31, 2011. Date General Journal Debit Credit Dec. 31 2010 Dec. 31 2011