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Problem $9-2$A $($Static$)$ Prepare amortization schedule and record installment notes $($LO$9-2)$

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$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Strato Corporation borrowed $$2$ million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $$776,067$ on December $31$ of each year. The payments include interest at a rate of $8\%.$

Problem $9-2$A $($Static$)$ Part $3$

$3.$ Use amounts from the amortization schedule to record each installment payment. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. $($i$.$e$.,$ $$5\mathrm{.}5$ million should be entered as $5,500,000.).)$Required information

Problem $9-2$A $($Static$)$ Prepare amortization schedule and record installment notes $($LO$9-2)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Strato Corporation borrowed $$2$ million from a local bank to construct a new building over the next

three years. The loan will be paid back in three equal installments of $$776,067$ on December $31$ of each year. The

payments include interest at a rate of $8\%.$

Problem $9-2$A $($Static$)$ Part $3$

Use amounts from the amortization schedule to record each installment payment. $($If no entry is required for a particular

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. $($i$.$e$.,$ $$5\mathrm{.}5$

million should be entered as $5,500,000.).)$

$1$ Record the payment of first annual installment on the

note payable.

$2$ Record the payment of second annual installment on the

note payable.

$3$ Record the payment of third annual installment on the

note payable.

Note : $=$ journal entry has been entered