Braxton Technologies, Inc., constructed a conveyor for A&G Warehousers that was completed and ready for use on January 1, 2021. A&G paid for the conveyor by issuing a $125,000, four-year note that specified 7% interest to be paid on December 31 of each year, and the note is to be repaid at the end of four years. The conveyor was custom-built for A&G, so its cash price was unknown. By comparison with similar transactions it was determined that a reasonable interest rate was 12%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for A&G's purchase of the conveyor on January 1, 2021. 2.Prepare an amortization schedule for the four-year term of the note. 3. Prepare the journal entry for A&G's third interest payment on December 31, 2023. 4.If A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2021, what would be the amount of each installment? 5. By considering the installment payment of requirement 4, prepare an amortization schedule for the four-year term of the installment note. 6. Prepare the journal entry for A&G's third installment payment on December 31, 2023. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare the journal entry for A&G's purchase of the conveyor on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record A&G's purchase of the conveyor. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Prepare an amortization schedule for the four-year term of the note. (Round intermediate calculations and final answers to the nearest whole dollar.) Years Cash Payment Effective Interest Change in Balance Outstanding Balance 2021 2022 2023 2024 Total $ 0 $ 0 $ 0 Prepare the journal entry for A&G's third interest payment on December 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record A&G's third interest payment. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2023 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 If A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2021, what would be the amount of each installment? (Round intermediate calculations and final answer to the nearest whole dollar.) Installment payment By considering the installment payment of requirement 4, prepare an amortization schedule for the four-year term of the installment note. (Round intermediate calculations and final answers to the nearest whole dollar.) Years Cash Payment Effective Interest Change in Balance Outstanding Balance 2021 2022 2023 2024 Total $ 0 $ 0 $ 0 Prepare the journal entry for A&G's third installment payment on December 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record A&G's third installment payment. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2023
