On January $1,$ a company borrowed cash by issuing a $$460,000,4\%,$ installment note to be paid in three equal payments at the end of each year beginning December $31.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

What would be the amount of each installment?

Prepare an amortization table for the installment note.

Prepare the journal entry for the second installment payment.

Complete this question by entering your answers in the tabs below.

Annual

Payment

Amortization

General

Journal

What would be the amount of each installment?

Note: Round your final answer to the nearest whole dollar.

Annual Payment