Alimentex Inc. develops, manufactures, and markets a wide range of fruit and vegetable juices and drinks as well as specialty food products, such as fondue broths and sauces, soups, gravies, pestos, and sauces for pasta and pizza. Use Table $8$C$\mathrm{.}1,$ Table $8$C$\mathrm{.}2.($Round time value factor to $4$ decimal places.$)$

The company$$s long$-$term debt includes the following obligations:

As of Dec.

$31,2022$ As of Dec.

$31,2021$

Long$-$Term Debt $($In thousands of dollars$)$

$1.$ Obligation related to the acquisition of equipment, $5\mathrm{.}5\%,$ payable starting in December $2020$ in eight equal annual blended instalments of $$262,212$ through $2027.$ $ $1,120$ $ $1,310$

$2.$ Obligation under a lease for distribution equipment, $9\mathrm{.}7\%,$ payable starting in December $2021$ in $11$ equal semi$-$annual blended instalments of $$44,998,$ through December $2026.293350$

Required:

$1.$ Assume that the equipment related to the first obligation was acquired on January $1,2020$ and that the first payment of $$262,212$ was made on December $31,2020.$ Verify that the carrying amount reported by the company as of December $31,2022$ represents the present value of the remaining annual payments. $($Note: Tables $8$C$\mathrm{.}1$ and $8$C$\mathrm{.}2$ do not include the $5\mathrm{.}5$ percent interest rate. Use Microsoft Excel or a calculator to compute the present value of future payments.$)($Enter your answer in dollars not in thousands of dollars rounded to the nearest whole dollar.$)$

$2.$ How much interest will the company pay as part of the five remaining instalments on the $5\mathrm{.}5$ percent obligation? $($Hint: You may find it helpful to prepare a schedule similar to Exhibit $9\mathrm{.}3,$ option $3.)($Enter your answer in dollars not in thousands of dollars rounded to the nearest whole dollar.$)$

$3.$ Prepare the journal entry to record payment of the instalment on December $31,2023.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in dollars not in thousands of dollars rounded to the nearest whole dollar.$)$

$4.$ Assume that the obligation under the lease was signed on July $1,2021$ and that the first semi$-$annual instalment was made on December $30,2021.$ Verify that the carrying amount reported by the company as of December $31,2022$ represents the present value of the remaining semi$-$annual payments. Use a calculator or Microsoft Excel to compute the present value of future payments. $($Enter your answer in dollars not in thousands of dollars rounded to the nearest whole dollar.$)$