On January 1, 2017, Jackson Corporation Issued a 4-Year, 12

Essay

On January 1, 2017, Jackson Corporation issued a 4-year, 12%, $20,000 installment note payable. The payment on this note is $6,585 and is paid annually at year-end beginning December 31, 2017. Complete the following amortization schedule.
$$\begin{array} { | c | l | l | l | l | } \hline \text { Date } & \text { Cash } & \text { Interest Expense } & \text { Amortization } & \text { Carrying Value } \\\hline \text { Jan. 1, 2017 } & & & & \\\hline \text { Dec. 31, 2017 } & & & & \\\hline \text { Dec. 31, 2018 } & & & & \\\hline \text { Dec. 31, 2019 } & & & & \\\hline \text { Dec. 31, 2020 } & & & & \\\hline\end{array}$$