The following amortization schedule indicates the interest and principal to be repaid on an installment note established January 1, 2021, for a company with a March 31 fiscal year-end.

Period	Beginning Notes Payable	Interest Expense	Repaid Principal on Notes Payable	Ending Notes Payable
1/112/31, Year 1	$ 10,000	$ 400	$ 2,355	$ 7,645
1/112/31, Year 2	7,645	306	2,449	5,196
1/112/31, Year 3	5,196	208	2,547	2,649
1/112/31, Year 4	2,649	106	2,649	0
Total		1,020	10,000

Required:

1. Assuming the company makes the required annual payments on December 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of Interest Expense to report in the year ended March 31, 2021; (c) the amount of Interest Expense to report in the year ended March 31, 2022; (d) the Note Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the notes entire life.

2. Assuming the company makes adjustments at the end of each fiscal year, prepare the journal entries required on (a) January 1, 2021, and (b) March 31, 2021.

Assuming the company makes the required annual payments on December 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of Interest Expense to report in the year ended March 31, 2021; (c) the amount of Interest Expense to report in the year ended March 31, 2022; (d) the Note Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the notes entire life. (Round your answers to the nearest whole dollar amount.)

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(a) Annual Payment
(b) Interest Expense March 31, 2021
(c) Interest Expense March 31, 2022
(d) Note Payable January 1, 2024
(e) Total Interest
(e) Total Principal