On January 1, a company borrowed cash by issuing a $400,000, 8%, 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.