Question: I want the answer written the same as the answer form below please. On January 1, 2017, a company borrows $1,000 cash by signing a

I want the answer written the same as the answer form below please. below please. On January 1, 2017, a company borrows $1,000 cash by

On January 1, 2017, a company borrows $1,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $282, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Requirements: 1. Prepare an amortization table for this installment note. 2. Prepare journal entries to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. Payment Date Installment paid Remaining value of the loan (at the beginning of the period) (A) Part of the Part installment installment paid to repay the paid as interest original loan (D= B-C) (C= A*Interest Rate) Remaining value of the loan (at the end of the period) (E=A-D) (B) Jan. 1st 2017 (NOW) Dec. 31st 2017 Dec. 31st 2018 Dec. 31st 2019 Dec. 31st 2020

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