AC320 Ch. 6 Excel Assignment (3 Parts) On January 1, 20X1, Bell Company purchased a piece of equipment by making a down payment of $2,000 and signing a five-year, 8% APR note at the bank requiring annual payments of $1,000 at each year-end. Part 1: Complete the following journal entry to record the cost of the equipment using time value of money concepts. Equipment Cash Note Payable Part 2: Set up an Excel spreadsheet using the format below for the data input (I, N, PV, PMT, FV) and the loan amortization schedule. Calculate the beginning balance of the loan using time value of money functions in Excel. Then set up formulas for your columns and complete the schedule throughout the five vears Part 2: Set up an Excel spreadsheet using the format below for the data input (I, N, PV, PMT, FV) and the loan amortization schedule. Calculate the beginning balance of the loan using time value of money functions in Excel. Then set up formulas for your columns and complete the schedule throughout the five years. PVunknown PMT FV Ending Year Payment Interest Principal Balance 1-1-X1 12-31-X1 12-31-X2 12-31-X3 12-31-X4 12-31-X5 Part 3: Set up an Excel spreadsheet using the format below for a depreciation schedule. Insert the beginning balances, format appropriate formulas, and complete the schedule in full. Assume $1,993 salavage, 5-year life and straight-line depreciation method. Depreciation Equipment Accumulated Year Expense(Cost Depreciation Value Book 1-1-X1 12-31-X1 12-31-X2 12-31-X3 12-31-X4 12-31-X5