If a company, acquired a machine on December 31, 1982, in exchange for $4,000 in cash and a note payable. The company has to pay 8 annual payments of $15,000 with the first payment being made on December 31, 1983. Interest on the note is 9%.

How much interest expense will the company spend in 1984?

What is the carryingvalue of the loan in 1982 and what is the acquisition cost?

The machine has a useful life of 10 years, and a salvage value of $4,000. What's the carrying value after 4 years of useon December 31, 1986? What's the carrying value on December 31, 1992?