On January 1, Steph Grant decided to deposit $60,200 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 6 percent annually. Any interest earned will be added to the fund at yearend (rather than withdrawn). (FV of \$1, PV of \$1, EVA of \$1, and PVA of \$1) Note: Use the appropriate factor(s) from the tables provided. Required: 1. How much will be available in four years? 2. Assume that Steph Grant follows GAAP. Prepare the journal entry that Steph Grant should make on January 1. 3. What is the total interest for the four years? 4. Assume that Steph Grant follows GAAP. Prepare the journal entry that Steph Grant should make on December 31 of the first year and December 31 of the second year. Complete this question by entering your answers in the tabs below. How much will be available in four years? (Round your answer to nearest whole dollar.) At the end of each year, you plan to deposit $3,300 in a savings account. The account will earn 7 percent annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (FV of \$1, PV of \$1. FVA of \$1, and PVA of \$1) Note: Use the appropriate factor(s) from the tables provided. Required: 1. Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. 2. What will be the balance in the savings account at the end of the 10 th year (i.e., after 10 deposits)? 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn in the second year? In the third year? 5. Assume you follow GAAP. Prepare the all required journal entries at the end of the second and third years