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On January 1, a company borrowed cash by issuing a $470,000, 5%, installment note to be paid in three equal payments at the end of each year beginning December 31

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On January 1, a company borrowed cash by issuing a $470,000, 5%, installment note to be paid in three equal payments at the end of each year beginning December 31.

1. What would be the amount of each installment?

2. What is the amortization table for the installment note?

3. Prepare the journal entry for the second installment payment.