21 points Big Wheel Cols purchasing a new in tuck to be used in its warehousing operations. Big Wheel borrowed $120,000 on January 1, 2020 from its bank in return for an installment note with 8% Interest. Big Wool will make equal annual payments of 25,958 beginning December 31, 2020. What amount of interest expense is included in the first annual payment (hint prepare an amortization table) $25.958 $9.600 $7,523 $16.358 22 points Big Wheel Cols purchasing a new truck to be used in warehousing operations. Bg Wheel borrowed $120,000 from its bank in return for an installment note with onest Big Wheel will make equally of $25.958. Which of the following is correct regarding this not? O The amount applied to principal each year will increase The annual payments will decrease each year as a portion of the principal is paid. There is a balloon payment of principal due to the lender at the end of the 6th period. Interest expense will increase each year. 23 On January 1, Year 1. Stord Company borrowed $110.000 on 10year instalment not payable. The terms of the more Stafford to pay 10 pynt of 517,140 cach Decembe 31 for to years. The required genes jumal try to record the payment on the note on December 31, Year 2 nint prepare amonination table) Det Notes Payable $110.000 debt rest Expense 36.140, Credit Cash $17.140 Debt interest Expense $9.243 debit les Payable 37892: Credit Cath $17.140 De interest Expense 50.000 de Notes Payable 57 240 Credit Cash 517 440 Debt interest Expens SY 240 debt Noles Payable 59.900: Crest Cash $17,140 Det Nors Payable 37 140. Credit Cash 517.140