Laverne purchased a new piece of equipment to be used in its new facility. The $445,000 piece of equipment was purchased with a $44,500 down payment and with cash received through the issuance of a $400,500, 6%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $95,077 on December 31. Prepare an installment payments schedule for the first five payments of the notes payable.

Problem 10-12A (Part Level Submission) Laverne purchased a new piece of equipment to be used in its new facility. The $445,000 piece of equipment was purchased with a $44,500 down payment and with cash received through the issuance of a $400,500, 6%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $95,077 on December 31 (a) Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to 0 decimal places, e.g. 125.) Annual Cash Interest Expense Reduction of Principal Principal Balance Interest Period Payment Issue Date 4 Amount may be off due to rounding