On December $30,$ Year $1,$ Bart, Inc. purchased a machine from Fell Corp. in exchange for a

noninterest bearing note requiring eight payments of $$20,000.$ The first payment was made on

December $30,$ Year $1,$ and the others are due annually on December $30.$ At date of issuance, the

prevailing rate of interest for this type of note was $11\%.$ Present value factors are as follows:

On Bart's December $31,$ Year $1$ balance sheet, how would the notes be reported?

Show calculations and$/$or Journal entries please.

ADP Industries purchased a piece of Laser Equipment from Zhang Corporation on November $1,$

In payment for the $$48,000$ purchase, ADP issued a one$-$year installment note to be paid in

equal monthly payments at the end of each month. The payments include interest at the rate of

$12\%.$

Required:

Prepare the journal entry for ADP's purchase of the equipment on November $1,2021.$

Prepare the journal entry for the first installment payment on November $30,2021.$

What is the amount of interest expense that ADP will report in its income statement for the

year ended December $31,2021?$