John purchased a new piece of equipment to be used in its new facility. The $440,000 piece of equipment was purchased with a $66,000 down payment and with cash received through the issuance of a $374,000, 6%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $88,786 on December 31. (a) Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to O decimal places, e.g. 125.) Annual Interest Cash Interest Reduction Principal Period Payment Expense of Principal Balance Issue $ $ Date $ $ 2 3 4