Albatros, Corp. acquired a snowplow from Specialty Tools Corp. Albatros received delivery of the Machine, which has a $28,000 cash price, on January 1, 2022. To pay for the machine, Albatros issued a 3-year installment note to be paid in three equal payments at the end of each year. The payments include interest at a rate of 8%. required:

Prepare the journal entry for Albatros, Corp.'s purchase of the machine on January 1, 2022.

Prepare a suitable amortization table for the term of the note. Prepare the journal entry for the second installment payment on December 31, 2023.

Prepare the journal entry for the second installment payment on December 31,2023.