$(12$ points$).$ Border Company purchased a truck that cost $$110,000$ on January $1,2020.$ The company paid $$10,000$ cash and signed a $$100,000$ note payable that specified four equal annual payments $($at each year$-$end$),$ each of which includes a payment on the principal and interest on the unpaid balance at $10\%$ per annum.

a$.$ Prepare the journal entry to record the purchase of the truck. $(3$ points$)$

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b$.$ Using present value tables or Excel, calculate the amount of each equal payment $($round your answer to the nearest whole dollar amount$).$

C$.$ Prepare the journal entry to record the first annual payment on the note on December $31,2020($assume no interest has been accrued during the year$).$ Be sure to recognize payment of both principal and interest. $(3$ points$)$

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D$.$ Prepare the journal entry to record the second annual payment on the note on December $31,2021.$ Be sure to recognize payment of both principal and interest. $(3$ points$)$

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