ed Term This question will be sent to your Transportation requires an additional vehicle to increase operations. On January 1, 2021, they sign a $112,700 yable to purchase a vehicle which is payable with five equal cash payments and an interest rate of 4%. Cash pa I be made on December 31 of each year for the next five years. quired (round numbers to the nearest whole number): What is the equal cash payment that will be required for each payment? Record the journal entry on January 1, 2021, for the purchase of the vehicle. cord the journal entry on December 31, 2021, for the first cash payment.