e. Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. 1. Prepare the horizontal model and record the journal entry, to show the purchase of the machine as described. 2. How much is the equal annual payment of principal and interest due at the end of each year? 3. What is the total amount of interest expense that will be reported over the life of the note? 4. Prepare the horizontal model and record the journal entries, to show the equal annual payments of principal and interest due at the end of each year. Complete this question by entering your answers in the tabs below. Req A Req B. Reg C Reg D Req Ela Req Elb Reg E2 Req E3 Req E4a Req E4b Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. Prepare the horizontal mode with + for increases and amounts with for decreases.) Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Net Income Revenues - + = + Req A Req B Reqc Reg D Req Ela Req Elb Reg E2 Req E3 Req E4a Reg E4b Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. Record the journal entry, to show the purchase of the machine as described. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of a machine with a partial payment and by signing a note for the balance. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entre clear entry View general lournal Complete this question by entering your answers in the tabs below. Req A Req B Reg C Reg D Req Ela Req Elb Req E2 Req E3 Req E4a Req E4b Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. How much is the equal annual payment of principal and interest due at the end of each year? Annual payment Complete this question by entering your answers in the tabs below. Req A Req B. Reqc Req D Req Ela Req Elb Req E2 Req E3 Req E4a Req E4b Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. What is the total amount of interest expense that will be reported over the life of the note? Total interest payments Complete this question by entering your answers in the tabs below. Req A Req B Reqc Reg D Req Ela Req Elb Req E2 Req E3 Req E4a Req E4b Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. Prepare the horizontal mode each year. (Use amounts with + for increases and amounts with for decreases.) Balance Sheet Income Statement Year Assets Liabilities Stockholders' Equity Net Income Revenues 1 + 2 + II 3 3 + 4 + =