On January $1,$ McNeil Company borrows $$151,000$ cash by signing a four$-$year, $8\%$ installment note. The note requires four equal payments consisting of accrued interest and principal on December $31$ of each for the next four years.

Required:

Compute the amount of each of the four equal payments. $($Note: Use Table B$.3$ in Appendix B$.)$

Prepare an amortization table for this installment note.

Prepare the journal entries in which McNeil Company records the following:

$($a$)$ McNeil Company borrows $$151,000$ cash by signing a four$-$year, $8\%$ installment note.

$($b$)$ Record the first payment on December $31,$ Year $1.$

$($c$)$ Record the last payment on December $31,$ Year $4.$

Complete this question by entering your answers in the tabs below.

Req $3A$ to $3C$

Prepare the journal entries in which McNeil Company records the following:

$($a$)$ McNeil Company borrows $$151,000$ cash by signing a four$-$year, $8\%$ installment note.

$($b$)$ Record the first payment on December $31,$ Year $1.$

$($c$)$ Record the last payment on December $31,$ Year $4.$

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$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$January $01,$Cash,$151,000,],[,,$Notes payable,,$151,000],[2,$December $31,$Interest expense,$12,080,],[,,$Notes payable,$3,648,],[,,$Cash,,$15,728],[3,$December $31,$Interest expense,$11,214,],[,,$Notes payable,$3,648,],[,,$Cash,,$14,862]]$