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Saved Help Pockets lent $ 2 6 , 0 0 0 to Lego Construction on January 1 , 2 0 2 4 . Lego signed

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Pockets lent $26,000 to Lego Construction on January 1,2024. Lego signed a three-year, 5% installment note to be paid in three equal payments at the end of each year.
Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
Prepare the journal entry on January 1,2024, for Pockets' lending the funds.
Calculate the amount of one installment payment.
Prepare an amortization schedule for the three-year term of the installment note.
Prepare Pockets' journal entry for the first installment payment on December 31,2024.
Prepare Pockets' journal entry for the third installment payment on December 31,2026.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Req 3
Req 4 and 5
Prepare Pockets' journal entry for the first installment payment and third installment payment on December 31,2024 and 2026.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
View journal entry werksheet
\table[[,No,Date,General Journal,Debit,Credit],[0,1,\table[[December 31,],[2024]],Interest expense,9,547,],[,,Notes payable,8,247,],[,,Cash,,17,794],[2,2,\table[[\table[[December 31,],[2026]]]],Interest expense,455,],[4,,Notes payable,9,092,],[,,Cash,,9,547]]
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