On November $30,2023,$ calls resources inc borrowed $$240000$ from a bank by signing a four year instalment note bearing interest at $10\%.$ The terms of the note require equal payments each year on November $30,$ starting November $30,2024.$

$1.$ Calculate the size of each installment payment.

$2.$ Complete an instalment note amortization schedule for this note. Find the beginning balance, period interest expense, debit notes payable, credit cash and ending balance for each November $30$ from years $2024$ through $2027.$

$3.$ Present the journal entries that calla would make to record the accrued interest as of December $31,2023($end of the annual reporting period$),$ and the first payment on the note.

$4.$ Now assume that the note does not require payments but does require four payments that include carried interest and an equal amount of principal in each payment. Complete an installation note amortization schedule for this note. Record the beginning balance, period interest expense, debit notes payable, credit cash and ending balance for each November $30$ for the years $2024$ through $2027.$

Present the journal entries Calla would make to record accrued interest as of December $31,2023($the end of the annual reporting period$),$ and the first payment of the note.