On January $1,$ a company borrowed cash by issuing a $$380,000,6\%,$ 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.