On $2/1/22,$ FJP sold EZX equipment and accepted a $2\%7-$year note with a face value of $$325,000$ and $$11,000$ down payment. FJP$\text{'}$s incremental borrowing rate is $5\%$ and EZX's is $9\%.$ The equipment's cost was $$500,000$ and its book value was $$230,000.$

Instructions:

Calculate the present value:

Provide the entry to initially record the transaction:

Create a "well$-$labeled" amortization schedule