You qualified for a student loan in the amount of $10,000. Once you graduate, you are required to repay this loan over 10 years at a rate of interest of 4 percent. The monthly interest and principal repayments are calculated like a mortgage. The following table illustrates the first four payments beginning December 1, 2020:

Using the information from the table, record the journal entry for the January 1, 2021, loan payment.

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A B D E F 1 Student Loan Payments Blended Beginning Monthly Loan Interest Principal Payment Ending Balance 2 Period Balance Expense Payment 3 Nov. 1, 2020 Dec. 1, 2020 $10,000.00 5 Jan. 1, 2021 $10,000.00 $101.25 $33.33 $67.92 9,932.08 9,932.08 101.25 33.11 68.14 9,863.94 Feb. 1, 2021 9,863.94 101.25 32.88 68.37 9,795.57 7 Mar. 1, 2021 9,795.57 101.25 32.65 68.60 9,726.97 4.