On January 1, 2024, Cicero Corporation borrowed $6 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $2,286,310 on December 31 of each year. The payments include interest at a rate of 7%. Create an amortization schedule for this loan on scratch paper. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) View transaction list Journal entry worksheet K

On January 1, 2024. Cicero Corporation borrowed $6 million from a locai bank to construct a new buliding over the next three years. The loan will be paid back in three equal installments of $2.286,310 on December 31 of each year. The payments include interest at a rate of 7%. Create an amortization schedule for this loan on scratch paper. Use amounts from the amortization schedule to record each istallment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first ccount field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) Journal entry worksheet Record the payment of first annual instaliment on the note payable. Note: Enter debits before credits