On January 1, 2014, Alan King decided to deposit $58,800 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 8 percent, which will be added to the fund each year-end. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Required: 1. How much will be available in four years? 2. Prepare the journal entry that Alan should make on January 1, 2014. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) What is the interest for the four years? Prepare the journal entry that Alan should make on December 31, 2014 and December 31, 2015.