On January $1,2021,$ Eagle Company borrows $$31,000$ cash by signing a four$-$year, $8\%$ installment note. The note requires four equal payments of $$9,360,$ consisting of accrued interest and principal on December $31$ of each year from $2021$ through $2024.$

Exercise $10-13($Algo$)$ Installment note entries LO C$1$

Prepare the journal entries for Eagle to record the note's issuance and each of the four payments.

Note: Round your intermediate calculations and final answers to the nearest dollar amount.

$\backslash$table$[[,$No$,$Date,,General Journal,Debit,Credit$],[i,1,$January $01,2021,$Cash,,$31,000,],[,,$Notes payable,$5,,31,000],[,,,,,],[i,2,\backslash$table$[[$December $31,],[2021]],$Interest expense,,$2,480,],[,,$Notes payable,,$6,880,],[,,$Cash,,,$9,360],[,,,,,],[2,3,\backslash$table$[[$December $31,],[2022]],$Interest expense,,,$],[,,$Notes payable,,i$-,],[,,$Cash,:,,$9,360],[i,,,,,,],[4,\backslash$table$[[$December $31,],[2023]],$Interest expense,,,$],[,,$Notes payable,,,$],[,,,$Cash,,,$]]$