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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On January 1,2020 , Eagle Company borrows $29,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $8,178, consisting of accrued interest and principal on December 31 of each year from 2020 through 2023. Exercise 10-13 (Algo) Installment note entries LO C1 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. Note: Round your intermediate calculations and final answers to the nearest dollar amount. Journal entry worksheet 5 Eagle borrows $29,000 cash by signing four-year, 5% installment note. Record the issuance of the note on January 1, 2020. Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of the first installment payment of interest and principal on December 31, 2020. Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of the second installment payment of interest and principal on December 31, 2021. Note: Enter debits before credits. Journal entry worksheet Record the payment of the third installment payment of interest and principal on December 31, 2022. Note: Enter debits before credits. Journal entry worksheet Record the payment of the fourth installment payment of interest and principal on December 31, 2023. (Hint: Make sure that the balance in Notes payable is $0 after this entry.) Note: Enter debits before credits

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