Braxton Technologies, Incorporated, constructed a conveyor for A\&G Warehousers that was completed and ready for use on January 1 , 2024. - A\&G paid for the conveyor by issuing a $150,000, four-year note that specified 8% 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%. Required: 1. Prepare the journal entry for A\&G's purchase of the conveyor on January 1, 2024. 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, 2026. 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 , 2024, 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, 2026. Braxton Technologies, Incorporated, constructed a conveyor for A\&G Warehousers that was completed and ready for use on January 1 , 2024. - A\&G paid for the conveyor by issuing a $150,000, four-year note that specified 8% 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%. Required: 1. Prepare the journal entry for A\&G's purchase of the conveyor on January 1, 2024. 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, 2026. 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 , 2024, 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, 2026