Braxton Technologies Ltd constructed a conveyor for A&G Warehousers that was completed and ready for use on January $1,2024.$

A&G paid for the conveyor by issuing a $$100,000,$ four$-$year note that specified $5\%$ interest to be paid on December $31$ of each year.

The conveyor was custom$-$built for $A$&$G,$ so its cash price was unknown. By comparison with similar transactions it was determined that

a reasonable interest rate was $10\%.($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)($Use appropriate factor$($s$)$

from the tables provided.$)$

Required:

Prepare the journal entry for A&G$\text{'}$s purchase of the conveyor on January $1,2024.$

Prepare an amortization schedule for the four$-$year term of the note.

Prepare the journal entry for A&G$\text{'}$s third interest payment on December $31,2026.$

If $A$&$G\text{'}$s note had been an installment note to be paid in four equal payments at the end of each year beginning December $31,$

$2024,$ what would be the amount of each installment?

Prepare an amortization schedule for the four$-$year term of the installment note.

Prepare the journal entry for A&G$\text{'}$s third installment payment on December $31,2026.$

Complete this question by entering your answers in the tabs below.

Prepare an amortization schedule for the four$-$year term of the note. $($Enter your answers in whole dollars.$)$