Problem 14-13 (Algo) Note and installment note with unrealistic interest rate [LO14-3] Braxton Technologies, Inc, constructed a conveyor for A\&G Warehousers that was completed and ready for use on Januaty 1,2021 A\&G paid for the conveyor by issuing a $100,000, four-yeat note that specifled 6% interest to be paid on December 31 of each yeat, and the note is to be repaid at the end of four years. The conveyor was custom-bult for A\&G, so its cash price was unknown By comparison with similar transactions it was determined that a reasonable interest rate was 11\%. (EV of S1, PV of $1. FVA of $1. PVA of $1, EVAD of \$1 and PVAD of \$1) (Use appropriate factor(5) from the tables provided.) Required: 1. Prepare the journal entry for A\&G's purchase of the conveyor on January 1,2021 2. Prepare an amortization schedule for the four-year term of the note 3. Prepare the journal entry for A\&G's third interest payment on December 31,2023 4.If A\&G's note had been an installment note to be poid in four equal payments at the end of each year beginning December 31 , 2021. what would be the amount of each installment? 5. By considering the installment paymem of requirement 4 , prepare an amontization schedule for the four-year term of the instaliment note 6. Prepare the journal entry for A8G's third installment payment on December 31,2023 . Note: tnter debits betore credits Prepare an amortization schedule for the four-year term of the note. (Round intermediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet Complete this question by entering your answers in the tabs below. If A\&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31,2021 , what would be the amount of each installment? (Round intermediate calculations and final answer to the nearest whole dollar.) By considering the installment payment of requirement 4, prepare an amortization schedule for the four-year term of the installment note. (Round intermediate calculations and final answers to the nearest whole dollar) Journal entry worksheet