ABC, Inc. purchased a machine for $65,000. The company made a cash down payment of $10,000 and agreed to pay the remaining balance in 12 quarterly installments, beginning one month from the date of purchase. The annual interest rate is 12%. Required: 1. Using the table below, determine the applicable factor and calculate the required monthly payment 2. What type of annuity is the installment note? 3. Prepare an amortization schedule for the installment note payable. 4. Record the journal entry for the date of purchase and for the 1st and 2nd installment payments