Michael purchased a new piece of equipment to be used in its new facility. The $380,000 piece of equipment was purchased with a $57,000 down payment and with cash received through the issuance of a $323,000,8%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $80,897 on December 31. Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to decimal places, eg. 125.) Annual Interest Period Issue Date Cash Payment Interest Expense Reduction of Principal $ $ $ $ $ $ 1 2 3 4 5 *Amount may be off due to rounding. e Textbook and Media List of Accounts Prepare the journal entry related to the notes payable for December 31, 2022. (Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec 31 e Textbook and Media List of Accounts Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to 0 decimal places, e.g. 125.) MICHAEL Balance Sheet (Partial) $ $ > $ $