The following amortization schedule indicates the interest and principal that Chips Cookie Corporation (CCC) must repay on an installment note established January 1, 2015. CCC has a December 31 year-end and makes the required annual payments on December 31. Use the amortization schedule to prepare CCCs required journal entries on (a) January 1, 2015; (b) December 31, 2015; (c) December 31, 2016; (d) December 31, 2017; and (e) December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Year	Beginning Note Payable	Interest Expense	Repaid Principal on Note Payable	Ending Note Payable
1	30,000	1,500	6,960	23,040
2	23,040	1,152	7,308	15,732
3	15,732	787	7,673	8,059
4	8059	401	8,059	0
Total		3,840	30,000
1 Record the notes payable. 2 Record the interest expense of December 31, 2015. 3 Record the interest expense of December 31, 2016. 4 Record the interest expense of December 31, 2017. 5 Record the interest expense of December 31, 2018.