ogles, Inc, constructed a conveyor for ASG Warehousers that was completed and ready for use on January 1, 2021 A&G paid for the conveyor by issuing a $125,000, four-year note that specified 7% interest to be paid on December 31 of each year, and the note is to be repaid at the end of four years. The conveyor was custom-built for A&G, so its cash price was unknown By comparison with similar transactions it was determined that a reasonable interest rate was 12% (FV 1 S1. PV of $1. EVA of St. PVA of 51. EVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for A&G's purchase of the conveyor on January 1, 2021 2. Prepare an amortization schedule for the four year term of the note 3. Prepare the journal entry for A&G's third interest payment on December 31, 2023. 4.11 A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2021 what would be the amount of each installment 5. By considering the installment payment of requirement 4 prepare an amortization schedule for the four-year term of the installment note 6. Prepare the journal entry for ASG's third installment payment on December 31, 2023 Complete this question by entering your answers in the tabs below. Required 1 Required Recured Required Required Required ogles, Inc, constructed a conveyor for ASG Warehousers that was completed and ready for use on January 1, 2021 A&G paid for the conveyor by issuing a $125,000, four-year note that specified 7% interest to be paid on December 31 of each year, and the note is to be repaid at the end of four years. The conveyor was custom-built for A&G, so its cash price was unknown By comparison with similar transactions it was determined that a reasonable interest rate was 12% (FV 1 S1. PV of $1. EVA of St. PVA of 51. EVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for A&G's purchase of the conveyor on January 1, 2021 2. Prepare an amortization schedule for the four year term of the note 3. Prepare the journal entry for A&G's third interest payment on December 31, 2023. 4.11 A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2021 what would be the amount of each installment 5. By considering the installment payment of requirement 4 prepare an amortization schedule for the four-year term of the installment note 6. Prepare the journal entry for ASG's third installment payment on December 31, 2023 Complete this question by entering your answers in the tabs below. Required 1 Required Recured Required Required Required
