On January 1, 2017, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round your answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020.

Journal entry worksheet

• Eagle borrows $100,000 cash by signing a four-year, 7% installment note. Record the issuance of the note on January 1, 2017.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 01, 2017

There are 6 journal entries