Chapter 14 eBook Show Me How Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $33,000, four-year, 8% installment note from Campbell Bank. The note requires annual payments of $9,963, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Enter all amounts to the nearest whole dollar. Round Year 4 Interest Expense (up or down) to ensure the carrying amount is zero at the end of the note term. Year Ending Amortization of Installment Notes Interest Expense (7% of January 1 Note Carrying December 31 January 1 Carrying Amount Note Payment Decrease in (Cash Paid) Amount) Notes Payable December 31 Carrying Amount Year 1 Year 2 $ 33,000 9,963 V 2,640 7,323 v 25,677 9,963 V 2,054 7,909 25,677 17,768 Year 3 17,768 v 9,963 V 1,421 v 8,542 9,227 X Year 4 9,226 v 9,963 738 X 9,225 x 39,852 V 6,853 X 32,999 X Feedback Check My Work a. Review Exhibit 4 in the text. The cash payment is the same in each year. The interest and principal repayment, however, change each year. This is because the carrying Check My Work 1 more Check My Work uses remaining. Previous Next gnment Score: 79.08% All work saved. Email Instructor Save and Exit Submit Assignment for Grading