Record installment notes On January 1, 2021, Corvallis Carnivals borrows $12,000 to purchase a delivery truck by agreeing to a 796, four-year loan with month, with the first installment due on January 31, 2021 the bank. Payments of$287.35 are due at the end of each Record the issuance of the note payable and the first monthly payment. Do not round your intermediate caleulations. Round your final answers to 2 decimal places. No Date 1. List an advantage of debit financing verses equity financing. 2. Explain what happens to the interest expense amount recorded with each succeeding payment on an installment note. 3. What are the three ways a company finances its operation? 4. What changes is FASB going to enact on January 1, 2019 that has to do with lease regulations? 5. What happens to the value of a bond when the market interest rate rises above the bond interest rate on a bond that a bond holder (lender) holds