In the cells below, make the journal entry on Jan 1, 2022 to record the purchase of the truck. This company records vehicles in its Equipment account. Then make the journal entries to record the first two installment note payments. See PowerPoint slide 13 for similar journal entries. TYPE IN ALL ACCOUNT NAMES and use cell linking for all amounts. Descriptions are provided. Jan 1, 2022 Account Purchase truck and issue note payable Jan 31, 2022 (Link to amounts in the Payment 1 row dated 1/31/2022) Pay monthly installment note Feb 28, 2022 |(Link to amounts in the Payment 2 row dated 2/28/2022) Pay monthly installment note Debit Credit On Jan. 1, 2022, the company purchased a new truck for $34,000. Assume this amount includes the cost of tax, license, and other fees associated with a vehicle purchase. The entire amount was financed (no cash was paid at time of purchase). The company signed an installment note promising to pay the dealership for the truck over 5 years. Below is additional information. Amount of note (principal): Annual interest rate Number of payments per year (Payments are made at the end of each month.) Length of note, in years Monthly payment amount (Computed by your instructor by using the PMT function shown below) Amount of final payment (rounded) $34,000.00 0.04 12 5 $626.16 $626.28 Function Arguments PMT Rate .04/12 Nper 12*5 ++ = 0.003333333 = 60 Pv -34000 I = -34000 Fv = number + = number 626.1617499