Kimmel, Financial Accounting, 8e FINANCIAL G (201/207/703 ice Assignment ment Problem 10-12A (Part Level Submission) and with cash Laverne purchased a new piece of equipment to be used in its new facility. The $405,000 piece of equipment was purchased with a $40,500 down received through the issuance of a $364,500 8%, s year mortgage payable issued on January 1 2017. The terms provide or annual installment pay December 31. ents of Sgiat on