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Use the following information for the Exercises below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2021,$ Eagle Company borrows $$29,000$ cash by signing a four$-$year, $5\%$ installment note. The note requires four equal payments of $$8,178,$ consisting of accrued interest and principal on December $31$ of each year from $2021$ through $2024.$

Exercise $10-13($Algo$)$ Installment note entries LO C$1$

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

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Eagle borrows $$29,000$ cash by signing a four$-$year, $5\%$ 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 $01,2021,,,]]$

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