Equipment cost capitalized as of January 1, 2021

Interest expense for the year ended December 31, 2021

Balance of note payable, December 31, 2021

Depreciation expense for the year ended December 31, 2021

All questions must be answered on-line in the space provided. #3 20 marks, suggested time 15 minutes On January 1, 2021 Unicorn Inc. acquired equipment by signing a $20,000 note payable with a government lending agency. Related information includes: The $20,000 note payable must be paid in full at the end of three years, on December 31, 2023. There will be no principal payments before this date. The note bears interest at 2%. Interest payments of $400 must be made on each of December 31, 2021, 2022, and 2023. Unicorn's market rate or normal cost of borrowing is 8%. The equipment has a useful life of six years and is depreciated on a straight-line basis. You are to complete the following table for the four items and show your calculations. You are not required to prepare journal entries. You can click on the grid to make the grid larger on your screen. You must use applicable PV factors and show calculations to support your answers. PVIF, i=2% PVIFA, i=2% PVIF, i=8% PVIFA, i=8% n=1 0.98039 0.98039 0.92593 0.92593 n=2 0.96117 1.94156 0.85734 1.78326 n=3 0.94232 2.88388 0.79383 2.57710