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E9-23 (Algo) Computing Future Values: Deposit Required and Accounting for a Single-Sum Savings Account LO 9-7 On January 1, Alan King decided to deposit $60,100 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 7% annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). (FV of $1, PV of $1, FVA of $1, and PVA of $1 ) (Use the appropriate factor(s) from the tables provided.) Required: 1. How much will be available in four years? 2. Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on January 1. 3. What is the total interest for the four years? 4. Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on December 31 of the first year and December 31 of the second year. How much will be available in four years? (Round your answer to nearest whole dollar.) Issume that Alan King follows GAAP. Prepare the journal entry that Alan should make on January 1 . (If no entry is required for a ransaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the deposit to the savings account on January 1. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. What is the total interest for the four years? (Round your answer to nearest whole dollar.) Assume that Alan King follows GAAP. Prepare the journal entry that Alan should make on December 31 of the first year and December 31 of the second year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answer to nearest whole dollar.) Journal entry worksheet Record the appropriate entry on December 31 , Year 1. Note: Enter debits before credits