Braxton Technologles, Incorporated, constructed a conveyor for A&G Warehousers that was completed and ready for use on January $1,$

$2024.$

A&G pald for the conveyor by Issuing a $$100,000,$ four$-$year note that specified $5\%$ Interest to be pald on December $31$ of each

year, and the note is to be repald at the end of four years.

The conveyor was custom$-$bullt for $A$&$G,$ so its cash price was unknown.

By comparison with similar transactions it was determined that a reasonable interest rate was $10\%.$

Requlred:

Prepare the journal entry for A&G$\text{'}$s purchase of the conveyor on January $1,2024.$

Prepare an amortization schedule for the four$-$year term of the note.

Prepare the journal entry for A&G$\text{'}$s third Interest payment on December $31,2026.$

If A&G$\text{'}$s note had been an Installment note to be pald in four equal payments at the end of each year beginning December $31,$

$2024,$ what would be the amount of each installment?

By considering the installment payment of requirement $4,$ prepare an amortization schedule for the four$-$year term of the

installment note.

Prepare the Journal entry for A&G$\text{'}$s third Installment payment on December $31,2026.$

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Complete this question by entering your answers in the tabs below.

Prepare the journal entry for A&G$\text{'}$s purchase of the conveyor on January $1,2024.$

Note: 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.

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