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On January $1,2021,$ Eagle Company borrows $$20,000$ cash by signing a four$-$year, $7\%$ installment note. The note requires four equal payments of $$5,905,$ consisting of accrued interest and principal on December $31$ of each year from $2021$ through $2024.$

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

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

Journal entry worksheet

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Eagle borrows $$20,000$ cash by signing a four$-$year, $7\%$ installment note. Record the issuance of the note on January $1,2021.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit,$],[$January $01,2021,,,,],[,,,,]]$