Use the following information for the Exercises below. $($Algo$)$

$($The following information applies to the questions diaplowed below.

On January $1,2021,$ Eagle Company borrows $$34,000$ cash by signing a fouryear, $5\%$ installment note. The note requires

four equal payments of $$9,588,$ consisting of accrued interest and principal on December $31$ of each year from $2021$

through $2024.$

Journal entry worksheet

$1$

$2$

$3$

$4$

s

Eagle borrows $$34,000$ cash by signing a fouryeat, $5$w installment note.

Record the issuance of the note on January $1,2021.$

Nobe: Enter detits belore credes.

Journai $$ntry worksneet

Aecord the payment of the first instaliment payment of interest and principal

on December $31,2021.$

Journal entry worksheet

$12$

$45$

Record the payment of the second installment payment of interest and

princlpal on December $31,2022.$

Journal entry worksheet

Record the payment of the third installment payment of interest and principal

on December $31,2023.$

Journal entry worksheet

Record the parment of the fourth instalimens payment of interest and principal

on December $31,2024.($Hint: Make sure that the balance in Notes parable is

so after this entry.$)$