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($round computations to the nearest PENNY$).$

Complete the amortization schedule for this loan.

$\backslash$table$[[,,,,],[$Date$,$Cash Payment,Interest Expense,Reduction to Carry Value,$],[\frac{1}{1}\frac{?}{22},,,,],[\frac{2}{1}\frac{?}{22},,,,],[\frac{3}{1}\frac{?}{22},,,,],[\frac{4}{1}\frac{?}{22},,,,]]$

Provide the journal entry to record loan at inception.

$\backslash$table$[[$Date$,$A$,$L$,$SE$,R,$E$,$NI$,$CF$,$Account,DR$,$CR$],[\frac{1}{1}\frac{?}{22},,,,,,,,,,]]$

Provide the journal entry to record payment at $\frac{2}{1}\frac{?}{22}.$

$\backslash$table$[[$Date$,$A$,$L$,$SE$,$R$,$E$,$NI$,$CF$,$Account,$],[\frac{2}{1}\frac{?}{22},,,,,,,,,],[,,,,,,,,,]]$