On January $1,$ Steph Grant decided to deposit $$58,800$ in a savings account that will provide funds four years later to send his son to college. The savings account will earn $8$ percent annually. Any interest earned will be added to the fund at year$-$end $($rather than withdrawn$).($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Note: Use the appropriate factor$($s$)$ from the tables provided.

Required:

How much will be available in four years?

Assume that Steph Grant follows GAAP. Prepare the journal entry that Steph Grant should make on January $1.$

What is the total interest for the four years?

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.