Required: Prepare a spreadsheet with separate worhsheets for problem 12 Be sure to format your numbers and carefully label your answers and account names. | In-class assignment #12a Exide Corp has negotiated the sale of a machine to Rocky Boat on 5/1/2017 for $860,000. Rocky Boat has agreed to pay $160,000 down but wants to pay off the remainder of the purchase price in installments on 4/30 of each of the next five years. Exide bought the machine four years ago on May first for $1,000,000. The machine had an expected life of ten years and an expected salvage value of $100,000. A reasonable rate of interest for Rocky would be 8% First calculate the value of the payments and then, make the required journal entry to record the sale on 5/1/2017, any required journal entries on 12/31/2017, and indicate how this transaction would be reflected in XYZ's 12/31/2017 income statement and balance sheet