Exercise $14-19($Algo$)$ Installment note; lender; amortization schedule $[$LO$14-3]$

FinanceCo lent $$8\mathrm{.}1$ million to Corbin Construction on January $1,2024,$ to construct a playground. Corbin signed a three$-$year, $5\%$ installment note to be paid in three equal payments at the end of each year.

Required:

Prepare the journal entry for FinanceCo$$s lending the funds on January $1,2024.$

Prepare an amortization schedule for the three$-$year term of the installment note.

Prepare the journal entry for the first installment payment on December $31,2024.$

Prepare the journal entry for the third installment payment on December $31,2026.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$