Problem Two: On January $1,2022,$ Swansea Corporation borrowed $$15,000$ for $5$ years at $4\%$ interest. The loan requires monthly payments of

$$276\mathrm{.}25($round computations to the nearest PENNY$).$

$1.$ Complete the amortization schedule for this loan.

Date Cash Payment Interest Expense Reduction to Carry Value Carry Value

$1/1/22$

$2/1/22$

$3/1/22$

$4/1/22$

$2.$ Provide the journal entry to record loan at inception.

Date A L SE R E NI CF Account DR CR

$1/1/22$

$3.$ Provide the journal entry to record payment at $2/1/22.$

Date A L SE R E NI CF Account DR CR

$2/1/22$