On January 1, 2024, Evanston Corporation borrowed $10 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 $3,880,335 on December 31 of each year. The payments include interest at a rate of 8%. Required: 1. Record the cash received when the note is issued.

1. Record the receipt of cash from the issue of the note payable

2. Prepare an amortization schedule over the three-year life of the installment note.

3. Use amounts from the amortization schedule to record each installment payment

3a. record the payment of first annual installment of the note payable.

3b. record the payment of second annual installment of the note payable.

3c. record the payment of third annual installment of the note payable.