On the first day of the current year, a company issue a $140,000, 11%, 5-year installment note with annual payments of $35,658. Develop the amortization table for the installment notes and record the corresponding journal entries for the note issuance and the five annual payments until the liquidation in full of the long-term debt.

For the year ended	January 1 Carrying Amount	Note annual payment	Interest expense	Decrease in Note Payable	December 31 Carrying Amount
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2024
Total

	Account Description	Debit	Credit
DATE
Jan. 1, 2020
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2024