a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. Amortization of Installment Notes For the Year Ending January 1 Carrying Amount $ 63,000 49,818 Interest Expense (12% of January 1 Note Carrying Amount) $ 7,560 5,978 Note Payment (Cash Paid) $20,742 20,742 20,742 20,742 82,968 Year 1 Decrease in Notes Payable $ 13,182 14,764 16,536 December 31 Carrying Amount $ 49,818 35,054 Year 2 Year 3 35,054 18,518 Year 4 18,518 4,206 2,224 19,968 18,518 $ $ 63,000 Feedback b. Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank. 63,000 Notes Payable 63,000 Year 1 Jan. 1 Cash Year 1 Dec. 31 Interest Expense 7.560 Notes Payable 13,182 Cash 20,742 Year 2 Dec. 31 Interest Expense 5978 Notes Payable 14,764 Cash 20,742 Year 3 Dec 31 Interest Expense 4,206 Notes Payable 16,536 Cash 20,742 Year 4 Dec 31 Interest Expense 2.224 Notes Payable 18,518 Cash D 20,742 Feedback c. How will the annual note payment be reported in the Year 1 income statement? Interest expense of $ would be reported on the income statement