Problem
(Part Level Submission) Laverne purchased a new piece of equipment to be used in its new facility. The $405,000 piece of equipment was purchased with a $40,500 down payment and with cash received through the issuance of a $364,500, 9%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $93,710 on December 31.
(a) Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to 0 decimal places, e.g. 125.)