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Edward purchased a new piece of equipment to be used in its new facility. The...

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Accounting

imageEdward purchased a new piece of equipment to be used in its new facility. The $445,000 piece of equipment was purchased with a $66,750 down payment and with cash received through the issuance of a $378,250, 9%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $97,245 on December 31.

Your answer is partially correct. 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 Cash Payment Interest Expense Reduction of Principal Principa Balance Issue Date $ $ $ $ 1 2 3 4 5 Amount may be off due to rounding

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