CHAPTER 14: INSTALLMENT NOTE HOMEWORK INFORMATION AND QUESTIONS Buckeye Company borrowed \$758,158 from Wolverine Bank on December 31, 2022. The interest rate on this loan is 10%. The note signed by both parties is an installment note and requires that Buckeye make annual payments of an equal amount each year for five years. The first payment will be made on December 31, 2023. Each payment will include interest and principal. The interest rate is 10%. Based on this information, answer each of the following. (Assume annual compounding) (1) Determine the annual payment. I suggest you solve for the payment using the following relationship: Present value of ordinary annuity = payment amount x present value of 51 ordinary anmuity* - Use n=5 and i=10% and the present value of an ordinary annuity table. (2) Prepare an amortization schedule using the following headings. (1 Suggest the use of excel with formulas) DECREASE: OUTSTANDING DATE PAYMENT INEREST EXPENSE IN BALANCE BALANCE. (3) On December 31, 2022, Buckeye will prepare the following journal entry for this loan: Cash 758,158 Note Payable 758,158 Assume that Buckeye prepares monthly adjusting journal entries. Prepare its entry to Assume that Buckeye prepares montaly adjusting joumal enties. Ferest for the month of lanuary 2023. (The same entry will be made at the end of each month during 2023). (A) Determine the balance in Buckeye's interest poyable account as of June 30,2073 (after June, 30 adjustine journal entries are prepared and posted\}. (5) Assume that Buckeye needs to prepare a June 30, 2023 balance sheet. Further assume that Buckeye has no liabilities other than the liabilities reflected by this note and the accrued interest on this note. Determine each of the following: (a) Buckeye's total liabilities. (b) Buckeye's total current liabilities. (c) Buckeye's total long-term liabilities. (6) Prepare Buckeye's journal entry to record its first payment on December 31, 2023. You do not need to prepare the December 31 journal entry to accrue December interest. (7) Prepare Buckeye's journal entry to accrue interest for the month of January 2024