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On January 1, Alan King decided to deposit $59,900 in a savings account that will...

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Accounting

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On January 1, Alan King decided to deposit $59,900 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 Any interest earned will be added to the fund at year-end (rather than withdrawn).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? (Round your answer to nearest whole dollar.) Available amount$78,517: 2. Prepare the journal entry that Alan should make on January 1. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the deposit to the savings account on January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Savings account 59,900 Cash 59,900 Record entry Clear entry View general journal

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