George purchased a new piece of equipment to be used in its new facility. The $400,000 piece of equipment was purchased with a $60,000 down payment and with cash received through the issuance of a $340,000,8%, 5-year mortgage payable issued on January 1,2022. The terms provide for annual installment payments of $85,155 on December 31. Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to decimal places, es. 125.) Cash Payment Interest Expense Reduction of Principal Principal Balance 0 $ 340000 $ 0 $ $ 57955 282045 B5155 27200 62591 219454 85155 22564 67599 151855 85155 17556 73007 78848 85155 12148 0 85155 78848 6307 Amount may be off due to rounding e Textbook and Media List of Accounts Prepare the journal entry related to the notes payable for December 31, 2022. (Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Dec 31 Debit Credit e Textbook and Media List of Accounts Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to decimal places, eg, 125) GEORGE Balance Sheet (Partial) $ $ eTextbook and Media List of Accounts