ment #3 Installment notes & Lease liabilities (2 q. Saved On December 31, 2020, KEC Environmental Corp. borrowed $118.000 by signing a four-year 5,0% Installment note. The note requires four equal payments of accrued interest and principal on December 31 of each year from 2021 through 2024 Use TABLE 14A 2 (Use appropriate factor(s) from the tables provided.) a. Calculate the size of each of the four equal payments (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Scre of each payment S 33 277 b. Prepare an amortization table for this installment note. (Do not round Intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Payments Beginning Balance Cash Ending Balance $ Year Ending 2021 2022 2023 2024 118,000 $ 90,6231 61,877 31,694 Interest Expense 5,9001 s 4,531 3,094 1,585 15,110 S Notes Payable 27.377 $ 28,746 30 1831 31 694 118,000 $ 33,277 $ 33 2771 33 277 33 277 133 108 90,623 67177 31 694 0 Prey 1 of 2 Next Next > signment #3: Installment notes & Lease liabilities (2 q Saved the final answers to the nearest whole dollar.) View transaction list X Record the borrowal of 118,000 by signing a 5% installment note. 2 Record the first installment payment. Record the second installment payment. 4 Record the third installment payment. Credit 5 Record the fourth installment payment. Note : journal entry has been entered Record entry Clear entry View general joumal