Question: 2) Prepare the entry to record Lego signed a three-year, 5. Pockets lent out $20,000 to Lego Construction on January 1, 2016. installment note to

2) Prepare the entry to record Lego signed a three-year, 5. Pockets lent out $20,000 to Lego Construction on January 1, 2016. installment note to be paid in three equal payments at the end of each year. (P/A,5 % ,3 ) - 2.7232 Required: 1) Prepare the journal entry op January 1, 2016, for Pockets' lending the funds. (4points) 2) Calculate the amount of one installment payment. (4points) 3) Prepare an amortization schedule for the three-year term of the installment note. (2points)

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