Question: HELP!!!!! I can't figure out why my first entry amount of 1 0 million is wrong??? FinanceCo lent $ 1 0 . 0 million to

HELP!!!!! I can't figure out why my first entry amount of 10 million is wrong???
FinanceCo lent $10.0 million to Corbin Construction on January 1,2021, to construct a playground. Corbin signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriatefactor(s) from the tables provided.)
Required:
1.Prepare the journal entry for FinanceCos lending the funds on January 1,2021.
2.Prepare an amortization schedule for the three-year term of the installment note.
3.Prepare the journal entry for the first installment payment on December 31,2021.
4.Prepare the journal entry for the third installment payment on December 31,2023.
FinanceCo lent \(\$ 10.0\) million to Corbin Construction on January 1,2024, to construct a playground. Corbin signed a three-year, \(6\%\) Installment note to be pald in three equal payments at the end of each year.
Required:
1. Prepare the Journal entry for FinanceCo's lending the funds on January 1,2024.
2. Prepare an amortization schedule for the three-year term of the installment note.
3. Prepare the Journal entry for the first Installment payment on December 31,2024.
4. Prepare the Journal entry for the third Installment payment on December 31,2026.
Note: Use tables, Excel, or a financlal calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1)
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Req 2
Req 13 and 4
Prepare the journal entries for FinanceCo's lending the funds on January 1,2024, the first installment payment on December 31,2024 and the third installment payment on December 31,2026.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.
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HELP!!!!! I can't figure out why my first entry

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