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Required information TB Problem 10-218 and 10-219 (Algo) [The following information applies to the questions displayed below] On January 1, a company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires fourequal payments of $4,512, consisting of accrued interest and principal on December 31 of each year. TB Problem 10-219 (Algo) Installment note entries Prepare the journal entries to record the note's issuance and each of the four payments. Note: Round intermediate calculations and final answers to the nearest dollar. Journal entry worksheet 2 4.5 Eagle borrows $16,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, Year 1. Prepare the foumal entries to record the note's issuance and each of the four poyment Note: Round intermediate calculations and final answers to the noarest dollar. January 1, Year 1. 2 Record the payment of the first installiment payment of interest and principal on December 31, Year 1. 3 Record the payment of the second instaliment payment of interest and principal on December 31 , Year 2. 4 Record the payment of the third installment payment of interest and principal on December 31 , Year 3. 5 Record the payment of the fourth installment payment of interest and principal on December 31, Year 4, (Hint: Make sure that the balance in Notes payable is $0 after this entry.) Note : 0 " journal entry has been entered

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