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On January 1, 2024, Cicero Corporation borrowed $9 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $3,555,493 on December 31 of each year. The payments include interest at a rate of 9%.

3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).)

Journal entry worksheet Record the payment of first annual installment on the note payable. Note: Enter debits before credits. Journal entry worksheet Record the payment of second annual installment on the note payable. Note: Enter debits before credits. Journal entry worksheet Record the payment of third annual installment on the note payable. Note: Enter debits before credits