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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On January 1, 2021, Eagle Company borrows $30,000 cash by signing a four-year, 7% Instaliment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024 Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) Journal entry worksheet 5 Eagle borrows $30,000 cash by signing a four-year, 7% installment note. Record the issuance of the note on January 1,2021. Note Enter debirs before credits. Journal entry worksheet Record the payment of the first installment payment of interest and principal on December 31,2021. Note: Enter debits before credits. Journal entry worksheet Record the payment of the second installment payment of interest and principal on December 31,2022. Note: Enter debits before credits. Journal entry worksheet Record the payment of the third installment payment of interest and principa on December 31, 2023. Note: Enter debits before credits. Journal entry worksheet Record the payment of the fourth installment payment of interest and principal on December 31,2024 . (Hint: Make sure that the balance in Notes payable is $0 after this entry.) Note: Enter debits before credits

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