Problem \#4 - Installment Notes 1) Prepare the journal entry for the issuance of the note payable. 2) Calculate the interest expense \& note payable amount due in Year 1. 3) Prepare the journal entry for the first payment in Year 1. 4) Calculate the ending note payable balance. 5) Prepare the journal entries for Year 2 6) Calculate the interest expense \& note payable amount due in Year 2. 7) Calculate the ending note payable balance. The Table below includes information related to an installment note issued for cash on January 1, 2018. \begin{tabular}{|c|c|c|} \hline Principal Amount & $ & 24,000 \\ \hline Interest Rate & & 6% \\ \hline Term of Note & & 5 years \\ \hline \begin{tabular}{l} Annual Payments (includes \\ principal \& interest) \end{tabular} & $ & 5,698 \\ \hline \end{tabular}