On January 1, 2019, Geonosis Corporation purchased a new kyber crystal machine. To finance the purchase, the company borrowed $12,000 and signed a 3-year installment note requiring 4% annual interest. As a result, payments of $4,324.18 must be made at the end of the year for the next three years. The company believes the machine will have a 10-year useful life and a $1,000 residual value. Required: Use the templates provided and labaled in Red/Yellow for each number below.

1. Journalize the acquisition of the kyber crystal machine on January 1, 2019.

2. Complete the amortization table for the installment note.

3. Journalize the payment for December 31, 2019

4. Calculate and journalize the amount of depreciation expense to be recorded at December 31, 2019, if the company utilized the straight-line method of depreciation on an annual basis.