Welton Corporation's installment note that has original principal of $$22,000,$ interest of $12\%$ compounded annually, and a term of $3$

years.

Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year $3$ on its

December $31$ fiscal year$-$end. Prepare Welton Corporation's journal entries on $($a$)$ January $1,$ Year $1$; $($b$)$ December $31,$ Year $1$;

$($c$)$ December $31,$ Year $2$; and $($d$)$ December $31,$ Year $3.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry

Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar

amount.$)$

Answer is complete but not entirely correct.