Firm X took out a 12%, $178,530 bank loan on February 1, 2009. The installment loan calls for quarterly payments of $12,000 over a five year period, starting on May 1, 2009. Each payment contains both interest and reduction of remaining principal. Firm X makes any necessary payments when they are due.
I only need entries for the year ending 12/31/09. Any help will be greatly appreciated. - Thanks, Mason

[I]This is what i have come up with.
Feb.1 Dr:Cash 178,530
Cr: Interest Pay 61,470
Cr: Loan Pay 240,000

May 1, Aug.1, and Nov.1 payments.
Dr: Loan Pay(178,530/20) 8,926.5
Dr: Interest Exp(61,470/20) 3,073.5
Cr: 12,000

Dec.31 Dr: Prepaid Loan 4,000
Cr: Loan Pay. 2975.5
Cr: Interest Exp 1024.5

Is this even close to correct or....?