Below-Market Note Payable: You purchase equipment on January 1, 2021 and financed the purchase with a Note Papable. It requires interest to be paid cquarterly (March 31, June 30 , Sept 30 and Dec. 31), has an annual interest rate of 1%, and the final Note Payable payment of $50,000 is due in 6 years. The market rate of interest for this type of purchase is 8%. a) Prepare an amortization schedule in Exeel for the entire tem of the note payable - Calcalate the note payable pnice using the Present Value calculation in Ercel (PV) or your financial calculator. In the area below the amortization schedule document the following b) Prepare the journal entry for the purchase of the equipment on January 1, 2021 c) Prepare the journal entries on March 31, 2021 (first payment) and December 31, 2026 (last payment). d) What is the total Cost of Borrowing (ie. Interest Expense) over the life of this note? How much in cash interest was paid over the life of this note? How much total Discount was amortized over the life of the