On January 1, 2018, Eagle borrows $23,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $7,099, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table values in calculations.)

Prepare the journal entries for Eagle to record the loan on January 1, 2018, and the four payments from December 31, 2018, through December 31, 2021.

On January 1, 2018, Eagle borrows $23,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $7,099, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1. Table B.2. Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table values in calculations.) Prepare the journal entries for Eagle to record the loan on January 1, 2018, and the four payments from December 31, 2018, through December 31, 2021 Answer is not complete. Date General Journal Debit Credit Jan 01, 2018 Interest expense 2,070 Notes payable 5,029 Cash 7,099 Dec 31, 2018 Interest expense 1,617 Notes payable 5,482 Cash 7,099 Dec 31, 2019Interest expense 1,124 Notes payable 5,975 Cash 7,099 Dec 31, 2020Interest expense 585 Notes payable 6,514 Cash 7,099 Dec 31, 2021 Notes payable