On January 1, Year 1, Bryson Company obtained a $168,500, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $54,312, beginning on December 31.

Required:

A.	Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4.
B.	Journalize the entries for the issuance of the note and the four annual note payments. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles.
C.	Describe how the annual note payment would be reported in the Year 1 income statement

Amortization of Installment Notes EXHIBIT 4 Year Ending December 31 2014 2015 2046 2017 20Y8 January 1 Carrying Amount $24,000 19,742 15,229 10,445 5,374 Interest Expense (6% of January 1 Note Carrying Amount) $ 1,440 (6% of $24,000) 1,185 (6% of $19,742) 914 (6% of $15,229) 627 (6% of $10,445) 324" (6% of $5,374) $4,490 Note Payment (Cash Paid) $ 5,698 5,698 5,698 5,698 5,698 $28,490 Decrease in Notes Payable (B-C) $ 4,258 4,513 4,784 5,071 5,374 $24,000 December 31 Carrying Amount (A-D) $19,742 15,229 10,445 5,374 *Rounded ($5,374 - $5,698). A. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round amounts to the nearest dollar. Amortization of Installment Notes Note Payment Interest Expense For the Year Ending December 31 January 1 Carrying Amount | E Decrease in Notes Payable Dec. 31 Carrying Amount Year 1 Year 2 Year 3 Year 4 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES E QUITY c. Describe how the annual note payment would be reported in the Year 1 income statement. Interest expense of $ would be reported on the income statement