On January 1, Alan King decided to deposit $60,800 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 Any interest earned will be added to the fund at year-end (rather than withdrawn). (FV of $1, PV of $1, FVA 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? (Round your answer to nearest whole dollar.) Available amount 2. 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 list Journal entry worksheet Record the deposit to the savings account on January 1. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal 3. What is the total interest for the four years? (Round your answer to nearest whole dollar.) Total interest 4. 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 list Journal entry worksheet Record the appropriate entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal At the end of each year, you plan to deposit $3,500 in a savings account. The account will earn 9% annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Required: 1. Prepare the required journal entry at the end of Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the required journal entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? (Round your answer to nearest whole dollar.) Balance in the savings account 3. What is the interest earned on the 10 deposits? (Round your answer to nearest whole dollar.) Interest earned 4. How much interest revenue did the fund earn in the second year? In the third year? (Do not round intermediate calculations. Round your answers to nearest whole dollar.) Year 2 Year 3 Interest revenue 5. Prepare the all required journal entries at the end of the second and third years. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet Record the required entry on December 31, Year 2. Note: Enter debits before credits. General Journal / Debit Credit Date December 31 Record entry Clear entry View general journal On January 1, Alan King decided to deposit $60,800 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). (FV of $1, PV of $1, FVA 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? (Round your answer to nearest whole dollar.) Available amount 2. 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 list Journal entry worksheet Record the deposit to the savings account on January 1. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal 3. What is the total interest for the four years? (Round your answer to nearest whole dollar.) Total interest 4. 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 list Journal entry worksheet Record the appropriate entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal At the end of each year, you plan to deposit $3,500 in a savings account. The account will earn 9% annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Required: 1. Prepare the required journal entry at the end of Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the required journal entry on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 2. What will be the balance in the savings account at the end of the 10th year (i.e., after 10 deposits)? (Round your answer to nearest whole dollar.) Balance in the savings account 3. What is the interest earned on the 10 deposits? (Round your answer to nearest whole dollar.) Interest earned 4. How much interest revenue did the fund earn in the second year? In the third year? (Do not round intermediate calculations. Round your answers to nearest whole dollar.) Year 2 Year 3 Interest revenue 5. Prepare the all required journal entries at the end of the second and third years. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet Record the required entry on December 31, Year 2. Note: Enter debits before credits. General Journal / Debit Credit Date December 31 Record entry Clear entry View general journal