Answer each part using the same format that's provided in the question. Thanks!

Problem 4 - Accounting for Long-term Loans Payable Required: Murphy Company purchased a new machine for $120,000 on December 31,2020 . They obtained a loan a. Using the table below, calculate the annual payment on the loan. at the bank to finance the purchase. The terms of the loan were: 5 years, 5% interest, annual payments of principal and interest on December 31 of each year. \begin{tabular}{|c|} \hline Score \\ \hline 0% \\ \hline \end{tabular} a. Using the table provided, calculate the annual payment on the loan. Monthly Payment b. Record the purchase of the new machine on December 31,2020 . c. Record the loan payment on December 31,2021. d. Record the loan payment on December 31,2022 . d. Calculate the loan balance for December 31,2022 after the payment