Required information 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 $24,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,246, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Exercise 10-13 (Algo) Installment note entries LO C1 Prepare 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.) View transaction list Journal entry worksheet 1 4 Record the payment of the first installment payment of interest and principal