On January 1, 2024, Monster Corporation borrowed $9 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $2,657,053 on December 31 of each year. The payments include interest at a rate of 7%.

Required:
1. Record the cash received when the note is issued.
2. Prepare an amortization schedule over the four-year life of the installment note. Round answers to the nearest dollar.
3. Use amounts from the amortization schedule to record each installment payment.