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Bridgeport purchased a new piece of equipment to be used in its new facility. The $429,000 piece of equipment was purchased with $38,000 down payment
Bridgeport purchased a new piece of equipment to be used in its new facility. The $429,000 piece of equipment was purchased with $38,000 down payment and with cash received through the issuance of a $391,000,11%,5-year mortgage payable issued on January 1. 2022. The terms provide for annual instaliment payments of $105,793 on December 31. (a) Prepare an instaliment payments schedule for the five payments of the notes payable. (Round answers to 0 decimal places, eg. 15,250.1
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