Question - Laverne purchased a new piece of Equipment to be used in its new facility. The $450,000 piece of equipment was purchased with a $45,000 down payment and with cash received through the issuance of a $405,000, 9%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $104,122 an December 31.
Required - Prepare an installment payments schedule for the first five payments of the notes payable.