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On January $1,2021,$ Eagle Company borrows $$25,000$ cash by signing a four$-$year, $7\%$ installment note. The note requires

four equal payments of $$7,381,$ consisting of accrued interest and principal on December $31$ of each year from $2021$

through $2024.$

Prepare the journal entries for Eagle to record the note's issuance and each of the four payments.

Note: Round your intermediate calculations and final answers to the nearest dollar amount.

Journal entry worksheet

Record the payment of the second installment payment of interest and

principal on December $31,2022.$

Note: Enter debits before credits.

Journal entry worksheet

Eagle borrows $$25,000$ cash by signing a four$-$year, $7\%$ installment note.

Record the issuance of the note on January $1,2021.$

Journal entry worksheet

$4$

$4$

Record the payment of the third installment payment of interest and principal

on December $31,2023.$

Note: Enter debits before credits.

Journal entry worksheet

Record the payment of the fourth installment payment of interest and principal

on December $31,2024.($Hint: Make sure that the balance in Notes payable is

$$0$ after this entry.$)$

Note: Enter debits before credits.

Journal entry worksheet

$2$

$2$

Record the payment of the first installment payment of interest and principal

on December $31,2021.$

Note: Enter debits before credits.