On January $1,$ Year $1,$ Bryson Company obtained a $$147,750,$ four$-$year, $7\%$ installment note from Campbell Bank. The note requires annual payments of $$43,620,$ beginning on December $31,$ Year $1.$

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a$.$ Prepare an amortization table for this installment note, similar to the one presented in Exhibit $4.$

Note: Enter all amounts to the nearest whole dollar. Round Year $4$ Interest Expense $($up or down$)$ to ensure the carrying amount is zero at the end of the note term.

Amortization of Installment Notes

Year Ending

December $31$ January $1$

Carrying Amount Note Payment

$($Cash Paid$)$ Interest Expense

$(7\%$ of January $1$

Note Carrying

Amount$)$ Decrease in

Notes Payable December $31$

Carrying Amount

Year $1$ $fill in the blank $8$e$2311066$f$8$aff$8\_1$

$fill in the blank $8$e$2311066$f$8$aff$8\_2$

$fill in the blank $8$e$2311066$f$8$aff$8\_3$

$fill in the blank $8$e$2311066$f$8$aff$8\_4$

$fill in the blank $8$e$2311066$f$8$aff$8\_5$

Year $2$ fill in the blank $8$e$2311066$f$8$aff$8\_6$

fill in the blank $8$e$2311066$f$8$aff$8\_7$

fill in the blank $8$e$2311066$f$8$aff$8\_8$

fill in the blank $8$e$2311066$f$8$aff$8\_9$

fill in the blank $8$e$2311066$f$8$aff$8\_10$

Year $3$ fill in the blank $8$e$2311066$f$8$aff$8\_11$

fill in the blank $8$e$2311066$f$8$aff$8\_12$

fill in the blank $8$e$2311066$f$8$aff$8\_13$

fill in the blank $8$e$2311066$f$8$aff$8\_14$

fill in the blank $8$e$2311066$f$8$aff$8\_15$

Year $4$ fill in the blank $8$e$2311066$f$8$aff$8\_16$

fill in the blank $8$e$2311066$f$8$aff$8\_17$

fill in the blank $8$e$2311066$f$8$aff$8\_18$

fill in the blank $8$e$2311066$f$8$aff$8\_19$

fill in the blank $8$e$2311066$f$8$aff$8\_20$

$fill in the blank $8$e$2311066$f$8$aff$8\_21$

$fill in the blank $8$e$2311066$f$8$aff$8\_22$

$fill in the blank $8$e$2311066$f$8$aff$8\_23$

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b$.$ Journalize the entries for the issuance of the note and the four annual note payments. For a compound transaction, if an amount box does not require an entry, leave it blank.

Year $1$ Jan. $1$

Year $1$ Dec. $31$

Year $2$ Dec. $31$

Year $3$ Dec. $31$

Year $4$ Dec. $31$

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c$.$ How will the annual note payment be reported in the Year $1$ income statement?

of $fill in the blank fd$96$bd$01$ff$8$b$05$d$\_2$

would be reported on the income statement.

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