Shacklebolt Company borrowed $43,000 on January 1, 2021, and signed a three-year, 5% Installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 5% is 2.72325. 1. Prepare the journal entry on January 1, 2021, for borrowing the funds. 2. Calculate the amount of one installment payment. 3. Prepare the journal entry for the first installment payment on December 31, 2021 Complete this question by entering your answers in the tabs below. Borrowing Installment Payment Journal Entry Payment Journal Entry Prepare the journal entry on January 1, 2021, for borrowing the funds. (if no entry is required for a transactior/event, select "No jou entry required in the first account field.) View transaction list Journal entry worksheet 1 Record the entry for borrowing the funds on January 1, 2021