3. On November 1, year 1 Able Co. purchased a machine from Casso Co. The company agreed to purchase a machine for $ 36,000,000 and signed a 1-year installment note with 12% interest included. Payments are made monthly on the last day of the month. Please prepare the November 30 journal entry for the first payment. The present value factor of 12% payable over a 12-month period-12/12-01 is 11.25508. a. Prepare the November 30, year 1 entry. b. Prepare the journal entry for the first installment payment on November 30,year 1. 4. On January 1, year 1 Donovan Inc, issued $ 12 million of 8.8% convertible bonds at 104. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 100 shares of common stock. Similar non-convertible bonds sell at 102. a. Prepare the journal entry for the issuance of the bonds on Jan. 1, year 1. b. When the unamortized premium had a balance of $ 160,000 the bonds were converted, Prepare the journal entry for Donovan