On January 1, 2017, Eagle borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and final 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. View transaction list Journal entry worksheet Eagle borrows $30,000 cash by signing a four-year, 7% installment note. Record the issuance of the note on January 1, 2017. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01, 2017