H M G Instructions: First, complete the amortization table in Part 1 using the information provided Once the table is completed, then record the two journal entries in Part 2 Information: Your car loan has monthly payments, the first payment occurring 1 month after loan starts $27,000 24 0.4166666667% 24 principal months monthly interest total payments or or 2 5% years per year $1,184.53 monthly payment Part 1: Complete the amortization table below. Use formulas for calculations/cell references Accounting Principal balance Monthly Interest Principal Period beginning of month Cash Payment Expense Repayment Principal balance end of month 1 2 4 5 6 7 8 9 10 11 12 15 Sheet1 Part 1: Complete the amortization table below. Use formulas for calculations/cell references. Accounting Principal balance Monthly Interest Principal Principal balance Period beginning of month Cash Payment Expense Repayment end of month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Part 2 Record the journal entry for payments 1 and 2 after you have completed the amortization table. Part 2: Record the journal entry for payments 1 and 2 after you have completed the amortization table. Remember to use Excel efficiently! (That is, don't forget to use cell references for the dollar amounts). Accounts Debit Credit Month 1 entry Accounts Debit Credit Month 2 entry