On January 1, Alan King decided to deposit $59,500 in a savings account that will provide funds four years later to send his son to college The savings account will earn 7% annually. Any interest earned will be added to the fund at year-end (rather than withdrawn) (EV Of S1, PV of $1. EVA of S1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Required: 1. How much will be available in four years? 2. Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on January 1 3. What is the total interest for the four years? 4. Assume that Alan King follows GAAP Prepare the journal entry that Alan should make on December 31 of the first year and December 31 of the second year. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 How much will be available in four years? (Round your answer to nearest whole dollar) Required 1 Required 2 Required 3 Required 4 Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on January 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction fist Journal entry worksheet Record the deposit to the savings account on January 1. Notei Criter bistoire edits Date General Journal Debit Credit college savings AY year (FV of $1. PV of $1. EVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Required: 1. How much will be available in four years? 2. Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on January 1 3. What is the total interest for the four years? 4. Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on December 31 December 31 of the second year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What is the total interest for the four years? (Round your answer to nearest whole dollar) Total interest Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required a Required 4 Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on December 31 of the first year and December 31 of the second year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answer to nearest whole dollar) View transaction ist Journal entry worksheet