P10-12A Laverne purchased a new piece of equipment to be used in its new facility. The $370,000 piece of equipment was purchased with a $50,000 down payment and with cash received through the issuance of a $320,000, 8%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $80,146 on December 31 Instructions (Round all computations to the nearest dollar:) (a) Prepare an installment payments schedule for the first three payments of the notes payable (b) Prepare the journal entry related to the notes payable for December 31, 2017