Hornet Motors purchased a custom$-$made metal press for use in repairing wrecked cars. The press was installed on January $2,2018.$ The press had a market value of $$300,000.$ Hornet agreed to pay for the press in three equal installments beginning December $31,2018.$ At the time, Hornet's incremental borrowing rate was $7\%.$

Required: Compute the installment payments and prepare the three$-$year amortization table for the note payable. Prepare the journal entries to record the purchase of the machine, the first annual payment, and the final payment on the note.

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