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Use the following information for the Exercises below. $($Algo$)$

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On January $1,2021,$ Eagle Company borrows $$23,000$ cash by signing a four$-$year, $9\%$ installment note. The note requires four equal payments of $$7,099,$ 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.

References

$1$ Eagle borrows $$23,000$ cash by signing a four$-$year, $9\%$ installment note. Record the issuance of the note on January $1,2021.$

$2$ Record the payment of the first installment payment of interest and principal on December $31,2021.$

$3$ Record the payment of the second installment payment of interest and principal on December $31,2022.$ ste.

$4$ Record the payment of the third installment payment of interest and principal on December $31,2023.$

$5$ Record the payment of the fourth installment payment of interest and principal on December $31,2024.($Hint: Make sure that the balance in Notes payable is $$0$ after this

Note : $=$ journal entry has been entered