On January 1, McNeil Company borrows $111,000 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: 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 $111,000 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.