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Pockets lent $20,000 to Lego Construction on January 1, 2021. Lego signed a three-year, 5% Installment note to be paid in three equal payments at
Pockets lent $20,000 to Lego Construction on January 1, 2021. Lego signed a three-year, 5% Installment note to be paid in three equal payments at the end of each year. Required: 1. Prepare the journal entry on January 1, 2021, for Pockets' lending the funds. 2. Calculate the amount of one installment payment.. 3. Prepare an amortization schedule for the three-year term of the Installment note. 4. Prepare Pockets' Journal entry for the first installment payment on December 31, 2021. 5. Prepare Pockets' Journal entry for the third Installment payment on December 31, 2023. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 and 5 Prepare the journal entry on January 1, 2021, for Pockets' lending the funds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to the nearest whole dollar.) View transaction list Journal entry worksheet Record the funds lent by Pocket Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Req 1 Req 2 >
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