Assume that for all questions, the company's year end is 12/31. Part C: On July 31, 2021, Company ABC purchased a new machine from XYZ. The agreement stipulated that ABC would make four payments of $75,000 (including interest) annually July 31. The first note payment is to be made on July 31, 2021. Assume that a market interest rate of 5% applies to this contract: Future Present Present value of value of value of Future Present an Value of value of ordinary ordinary annuity 1 1 annuity annuity due 1 1.21551 0.82270 4,31013 3,54595 3.72325 3% IL COPY QUESTIONS 1-3 AND ANSWER IN THE FORMAT PROVIDED. 1. Record Company ABC's purchase of the machine on July 31, 2021? (pts) Account Title Debit Credit 2. Prepare the journal entry(s) for Company ABC for year ended 12/31/23, if any, associated with the purchase of this equipment. (3 pts) Account Title Debit Credit 3. Record Company ABC's payment on the note for July 31, 2023 if the company makes reversing entries? (3pts) Account Title Debit Credit 4. What is the total interest expense that would be recognized over the life of the note by ABC? (2pts) Assume that for all questions, the company's year end is 12/31. Part C: On July 31, 2021, Company ABC purchased a new machine from XYZ. The agreement stipulated that ABC would make four payments of $75,000 (including interest) annually July 31. The first note payment is to be made on July 31, 2021. Assume that a market interest rate of 5% applies to this contract: Future Present Present value of value of value of Future Present an Value of value of ordinary ordinary annuity 1 1 annuity annuity due 1 1.21551 0.82270 4,31013 3,54595 3.72325 3% IL COPY QUESTIONS 1-3 AND ANSWER IN THE FORMAT PROVIDED. 1. Record Company ABC's purchase of the machine on July 31, 2021? (pts) Account Title Debit Credit 2. Prepare the journal entry(s) for Company ABC for year ended 12/31/23, if any, associated with the purchase of this equipment. (3 pts) Account Title Debit Credit 3. Record Company ABC's payment on the note for July 31, 2023 if the company makes reversing entries? (3pts) Account Title Debit Credit 4. What is the total interest expense that would be recognized over the life of the note by ABC? (2pts)