On January 1, McNeil Company borrows $120,000 cash by signing a four-year, 6% 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 $120,000 cash by signing a four-year, 6% 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. Req1h Req 2 Req 3A to 3C 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.) Amount of each payment $ 34,631 Table B.3 Present Value of an Annuity of 1 p = [1 - 1/(1 + i)"]/i Rate Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 15% Periods 1 0.9901 0.9804 0.9709 0.9615 0.9524 0.9434 0.9346 0.9259 0.9174 0.9091 0.8929 0.8696 1 2 1.9704 1.9416 1.9135 1.8861 1.8594 1.8334 1.8080 1.7833 1.7591 1.7355 1.6901 1.6257 2 3 2.9410 2.8839 2.8286 2.7751 2.7232 2.6730 2.6243 2.5771 2.5313 2.4869 2.4018 2.2832 3 4 3.9020 3.8077 3.7171 3.6299 3.5460 3.4651 3.3872 3.-21 3.2397 3.1699 3.0373 2.8550 4 5 4.8534 4.7135 4.5797 4.4518 4.3295 4.2124 4.1002 3.9927 3.8897 3.7908 3.6048 3.3522 5 6 5.7955 5.6014 5.4172 5.2421 5.0757 4.9173 4.7665 4.6229 4.4859 4.3553 4.1114 3.7845 6 7 6.7282 6.4720 6.2303 6.0021 5.7864 5.5824 5.3893 5.2064 5.0330 4.8684 4.5638 4.1604 7 8. 7.6517 7.3255 7.0197 6.7327 6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 4.9676 4.4873 8 9 8.5660 8.1622 7.7861 7.4353 7.1078 6.8017 6.5152 6.2469 5.9952 5.7590 5.3282 4.7716 9 10 9.4713 8.9826 8.5302 8.1109 7.7217 7.3601 7.0236 6.7101 6.4177 6.1446 5.6502 5.0188 10 11 10.3676 9.7868 9.2526 8.7605 8.3064 7.8869 7.4987 7.1390 6.8052 6.4951 5.9377 5.2337 11 12 11.2551 10.5753 9.9540 9.3851 8.8633 8.3838 7.9427 7.5361 7.1607 6.8137 6.1944 5.4206 12 13 12.1337 11.3484 10.6350 9.9856 9.3936 8.8527 8.3577 7.9038 7.4869 7.1034 6.4235 5.5831 13 14 13.0037 12.1062 11.2961 10.5631 9.8986 9.2950 8.7455 8.2442 7.7862 7.3667 6.6282 5.7245 14 15 13.8651 12.8493 11.9379 11.1184 10.3797 9.7122 9.1079 8.5595 8.0607 7.6061 6.8109 5.8474 15 16 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 9.4466 8.8514 8.3126 7.8237 6.9740 5.9542 16 17 15.5623 14.2919 13.1661 12.1657 11.2741 10.4773 9.7632 9.1216 8.5436 8.0216 7.1196 6.0472 17 18 16.3983 14.9920 13.7535 12.6593 11.6896 10.8276 10.0591 9.3719 8.7556 8.2014 18 7.2497 6.1280 19 17.2260 15.6785 19 14.3238 13.1339 12.0853 6.1982 11.1581 10.3356 9.6036 8.9501 7.3658 8.3649 8.5136 20 18.0456 16.3514 14.8775 13.5903 20 12.4622 11.4699 10.5940 9.8181 6.2593 9.1285 7.4694 25 19.5235 22.0232 25 17.4131 14.0939 15.6221 12.7834 7.8431 6.4641 11.6536 10.6748 9.0770 9.8226 11579 11000 102727 94269 80552 6.5660 30 Complete this question by entering your answers in the tabs below. Req 1 92 Req 3A to 30 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.) Period Beginning Balance Debit Interest Expense + Debit Notes Payable = Credit Cash Ending Balance Year 1 $ 120,000 $ 7,200 $ 432 $ 34,631 Year 2 34,631 Year 3 34,631 Year 4 34,631 138,524 $ 7,200 $ 432 Total $ 3C Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $120,000 cash by signing a four-year, 6% installment note. (b) Record the first payment on December 31, Year 1. (C) Record the last payment on December 31, Year 4. Show View transaction list Journal entry worksheet 1 2 3 Record McNeil Company's borrowing of $120,000 cash by signing a four-year, 6% installment note. Note: Enter debits before credits. Date General Journal Debit Credit January 01 View general journal Conord anto Clear entry Reg 1 Reg 2 Ben 3 to 30 Prepare the journal entries in which McNell Company records the followings (a) McNeil Company borrows $120,000 cash by signing a four year, 6%, installment note, (b) Record the first payment on December 31, Year 1, (c) Record the last payment on December 31, Year 4 Show less 1715 View wansaction list Journal entry worksheet 1 2 TH Berord the first installment payment on December 31, Year I General Journal Debat Gredit Date DU View general Journal Maare arry Clen erney PAY 26 of 44 NA Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $120,000 cash by signing a four-year, 6% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. Show le View transaction list Journal entry worksheet 1 2 3 Record the last installment payment on December 31, Year 4. Note: Enter debits before credits. Debit Credit Date General Journal December 31 View general journal Clear entry Record entry