Floral Deliveries Inc. (FDI) purchased store equipment at a cash price of $70,000. FDI put a certain amount down and financed the balance with a note requiring that five equal year-end payments to retire the debt. A partial amortization table is as follows:

Period	Payment	Interest	Principal	Carrying Value
0				$60,000
1	$15,426	$5,400	$10,026	49,974
2	15,426	4,498	10,928	39,046
3	15,426	3,514	11,912	27,134

23. How much was the down payment? Show your calculations or explain how you know.

24. What is the interest rate on the note? Show your calculations.

25. What amount or amounts will be reported on the Year 1 statement of cash flows for the business? for each of the activities section of the cash flow

26. What amount from this table will be reported on the Year 2 income statement for the business? What will the amount/s likely be called?

27. At the end of Year 3, what amount or amounts from this table will be reported on the balance sheet for the business?