On January 1, McNeil Company borrows $127,000 cash by signing a four-year, 7% 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 $127,000 cash by signing a four-year, 7% 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 1 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 Req 1 Req 2 Req 3A to 3C 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 Year 2 Year 3 Year 4 Total Req 1 Req 2 Req 3A to 3C Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $127,000 cash by signing a four-year, 7% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. View transaction list Journal entry worksheet > Journal entry worksheet > Journal entry worksheet