Question: Part 2 -- Installment note: 1. On January 1, 2019 National Company signed a $500,000, 6% installment note to be repaid with 9 equal annual

Part 2 -- Installment note: 1. On January 1, 2019 National

Part 2 -- Installment note: 1. On January 1, 2019 National Company signed a $500,000, 6% installment note to be repaid with 9 equal annual installments to be first made on December 31, 2019, and then every December 31 thereafter. REQUIRED: 1. Determine the amount of each annual payment. 2. Prepare an amortization table for this installment note (as reviewed in class). 3. Prepare the journal entry for the issuance of the installment note. 4. Prepare the journal entry for the first payment on the

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