10-6

2 Prepare the journal entry related to the notes payable for december 31 2022

3 show the balance sheet presentation for this obligation for december 31 2022

Pronghorn purchased a new piece of equipment to be used in its new facility. The $372,000 piece of equipment was purchased with a $47,000 down payment and with cash received through the issuance of a $325,000, 6%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $77,154 on December 31. (a) Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to 0 decimal places, eg. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principa Issue Date $ $ 1 $ ta 2 3 4 5