Entries for installment note transactions On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620,...

Entries for installment note transactions
On January 1, Year 1, Bryson Company obtained a $147,750, four-year,
7% installment note from Campbell Bank. The note requires annual
payments of $43,620, beginning on December 31, Year 1.

a. Prepare an amortization table for this installment note, similar to the
one presented in Exhibit 4.
b. Journalize the entries for the issuance of the note and the four annual note payments.
c. Describe how the annual note payment would be reported in the Year
1 income statement.