On January 1, 2015, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2015 through 2018. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) 1. Compute the amount of each of the four equal total payments. Interest Rate Initial Note Balance Table Value Amount of Each Payment 7.0% $100,000 / 3.3872 = $29,523 2. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (A) (B) (C) (D) (E) Period Ending Beginning Debit Interest Debit Notes Credit Ending Date Balance Expense Payable Cash Balance 2015 $100,000 $7,000 $22,523 $29,523 $77,477 2016 77,477 5,423 24,100 29,523 53,377 2017 53,377 3,736 25,786 29,523 27,590 2018 27,590 1,932 27,591 29,523 0 Total $18,091 $100,000 $118,092

Use this information to prepare the journal entries for Eagle to record the loan on January 1, 2015 and the four payments from December 31, 2015 through December 31, 2018.