On January 1 , McNeil Company borrows $106,000 cash by signing a four-year, 9% 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: 1. Compute the amount of each of the four equal payments. (Note: Use Table B.3 in Appendix B.) 2. Prepare an amortization table for this installment note. 3. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $106,000 cash by signing a four-year, 9% 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. Compute the amount of each of the four equal payments. (Round the PV factor to four decimal places. Round your answer to the nearest whole dollar.) On January 1 , McNeil Company borrows $106,000 cash by signing a four-year, 9% 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: 1. Compute the amount of each of the four equal payments. (Note: Use In Appendix B.) 2. Prepare an amortization table for this installment note. 3. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $106,000 cash by signing a four-year, 9% 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. Prepare an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount. Round your answer to the nearest whole dollars.) Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $106,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. Journal entry worksheet Record MeNeil Company's borrowing of $106,000 cash by signing a four-year, 9% installment note. Note: Enter debits before credits. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $106,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4 . Journal entry worksheet 3 Record the first installment payment on December 31 , Year 1. Note: Enter debits before credits. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $106,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. Journal entry worksheet Record the last installment payment on December 31 , Year 4. Note: Enter debits before credits