Subject: acounting The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on aninstallment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments onDecember 31. Use the amortization schedule to prepare CCC's required journal entries on (a) January 1, 2021; (b) December 31, 2021;(c) December 31, 2022; (d) December 31, 2023; and (e) December 31, 2024. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field. Do not round intermediate calculations.)Year1234TotalBeginning Notepayable30,00023,04015,732.8,059Repaid PrincipalInterest Expense on Note Payable1,5001,1527874013,8406,9607,3087,6738,05930,000Ending NotePayable23,04015,7328,0590

The journal entries are prepared to record the transactions on regular basis. The interest is paid…

The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Use the amortization schedule to prepare CCC's required journal entries on (a) January 1, 2021; (b) December 31, 2021; (4) December 31, 2022. (d) December 31, 2023; and (e) December 31, 2024. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Year 1 2 3 Total Beginning Note payable 30,000 23,040 15,732. 8,059 Interest Expense 1,500 1,152 787 401 3,840 Repaid Principal on Note Payable 6,960 7,308 7,673 8,059 30,000 Ending Note Payable 23,040 15,732 8,059 e