On January 1, a company borrowed cash by issuing a $300,000, 5%, installment note to be paid in three equal payments at the end of each year beginning December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

1- What would be the amount of each installment?

2- Prepare an amortization table for the installmet note.

3- Prepare the journal entry for the second installment payment.