complete journal entries for the following payments. using present time value of money for nonmonetary exchanges reporting method

Jan 1, 2012 Bought equipment for $1,000,000 paying $100,000 down-payment and giving a long term note that will be paid on equal instalments over a period of 3 years. The market interest rate at that time was 6 % and the equipment had a useful life of 10 years. The company 1. uses double declining balance method of depreciation. Instead of the payment plans shown above, assuming that the payment plan for the equipment 2. above was as follows: On January 1, $100,000 On December 31, 2012 $300,000 On Dec 31, 2014, $400,000 On Dec 31, 2016, $200,000 All other information in the first question remains the same. As a follow up of question 2 above, as at Dec 31, 2016, the equipment has a fair market value of $800,000 and it was traded in for another equipment that had a fair market value of $950,000. 3. For each of the above scenarios, make necessary entries