A partial amortization schedule for a $10-$year note payable that Mabry Company issued on January $1,$ Year $1,$ is shown as

follows.

Required

a$.$ What rate of interest is Mabry Company paying on the note?

b$.$ Using a financial statements model like the one shown, record the appropriate amounts for the following two events:

$(1)$ January $1,$ Year $1,$ issue of the note payable.

$(2)$ December $31,$ Year $1,$ payment on the note payable.

c$.$ If the company earned $$62,000$ cash revenue and paid $$45,000$ in cash expenses in addition to the interest in $1,$

what is the amount of each of the following?

$(1)$ Net income for Year $1.$

$(2)$ Cash flow from operating activities for Year $1.$

$(3)$ Cash flow from financing activities for Year $1.$

d$.$ What is the amount of interest expense on this loan for Year $4?$

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