Novak purchased a new piece of equipment to be used in its new facility. The $379.000 piece of equipment was purchased with a $45.000 down payment and with cash received through the issuance of a $334,000.11%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $90,370 on December 31. (a) Your answer is correct. Prepare an installment payments schedule for the first three payments of the notes payable. (Round answers to O decimal places, eg. 15.250.) Cash Payment Interest Expense Reduction of Principal Princ Annual Interest Period Issue Date 1 $ 90370 $ 36740 $ 53630 2 90370 30841 59529 3 90370 24293 66077 4 90370 17024 73346 5 90370 8952 81418 e Textbook and Media List of Accounts Attempts: 1 of 5 used (b) Your answer is partially correct. Prepare the journal entry related to the notes payable for December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Dec. 31 Equipment 2021 Discount on Bonds Payable Notes Payable