Dambro purchased a new piece of equipment to be used in its new facility. The $365,000 piece of equipment was purchased with a $52,000 down payment and with cash received through the issuance of a $313,000, 8%, 4-year mortgage note payable issued on October 1, 2010. The terms provide for quarterly installment payments of $23,052 on December 31, March 31, June 30, and Sept. 30. a. Prepare an installment payments schedule for the first five payments of the notes payable. Include Cash Payment, Interest Expense, Reduction of Principal, and Principal Balance. b. Prepare all necessary journal entries related to the notes payable for December 31, 2010. c. Show balance sheet presentation for these obligations for December 31, 2010: Current liabilities (Current portion of 8% mortgage notes payable) Long-term liabilities (Mortgage notes payable, 8% due in 2014 and secured by plant assets)