Question: Problem 10-12A (Part Level Submission) Laverne purchased a new piece of equipment to be used in its new facility. The $400,000 piece of equipment was

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Problem 10-12A (Part Level Submission) Laverne purchased a new piece of equipment to be used in its new facility. The $400,000 piece of equipment was purchased with a $60,000 down payment and with cash received through the issuance of a $340,000, 8%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $85,155 on December 31. (a) Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to 0 decimal places, e.g. 125.) Annual Interest Period Reduction Cash Interest Principal Balance Payment of Principal Expense Issue Date $ $ 1 3 4 5 Amount may be off due to rounding. Open Show Work Click if you would like to Show Work for this

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