21 points Big Wheel Co. is purchasing a new in truck to be used in its warehousing operations. Big Wheel borrowed $120.000 on January 1, 2020 from its bank in retum for instalment note wth 0% Interest Big Wheel it make equal annual payments of $25.955 beginning December 31, 2020. What amount of Interest expenses included in the first annual payment (Hint: prepare an amoration table) $25,958 OO $9,000 $7,523 $16.358 2 22 points Big Wheel Co is purchasing a new linh truck to be used in its warehousing operations Big Wheel borrowed $120,000 tromi bark in return for an installment note whorst Big Wheel will make equal nul payments of $25.958. Which of the following is correct regarding this not? O The amount applied to principal each year will increase The annual payments will decrease each year as a portion of the principalis paid. There's a balloon payment of principal due to the lender at the end of the oth perlod, Interestexpense will increme each year. 23 points On January 1 Year Stord Company borrowed 5110,000 on a 10-year, mentre payable. The terms of the not require Stafford to pay 10 eupayments of 17.100 cach December for 10 years. The required just try to record the payment on the role on December 31, Year 2 in prepare an amountain Debit Notes Payable $110.000 debt rest Expense 56.140, credit Cash $17.140. Debit interest pense 59,346; debit Notes Payable 37.282. Credit Cash $17.140, Debit interest Experte $8,000, debit. Notes Payable 57.240 Credit Cash $17.440 Debt interest Expense 57.240. debit Notes Payabi 59,900 Credit Cash 17,140 Debit Notes Payable 517,140 Credit Cah 317.140 OOOOO 21 points Big Wheel Co. is purchasing a new in truck to be used in its warehousing operations. Big Wheel borrowed $120.000 on January 1, 2020 from its bank in retum for instalment note wth 0% Interest Big Wheel it make equal annual payments of $25.955 beginning December 31, 2020. What amount of Interest expenses included in the first annual payment (Hint: prepare an amoration table) $25,958 OO $9,000 $7,523 $16.358 2 22 points Big Wheel Co is purchasing a new linh truck to be used in its warehousing operations Big Wheel borrowed $120,000 tromi bark in return for an installment note whorst Big Wheel will make equal nul payments of $25.958. Which of the following is correct regarding this not? O The amount applied to principal each year will increase The annual payments will decrease each year as a portion of the principalis paid. There's a balloon payment of principal due to the lender at the end of the oth perlod, Interestexpense will increme each year. 23 points On January 1 Year Stord Company borrowed 5110,000 on a 10-year, mentre payable. The terms of the not require Stafford to pay 10 eupayments of 17.100 cach December for 10 years. The required just try to record the payment on the role on December 31, Year 2 in prepare an amountain Debit Notes Payable $110.000 debt rest Expense 56.140, credit Cash $17.140. Debit interest pense 59,346; debit Notes Payable 37.282. Credit Cash $17.140, Debit interest Experte $8,000, debit. Notes Payable 57.240 Credit Cash $17.440 Debt interest Expense 57.240. debit Notes Payabi 59,900 Credit Cash 17,140 Debit Notes Payable 517,140 Credit Cah 317.140 OOOOO