On January 1, 2020, Snow Truck Inc. purchased a new snow removal truck for the current winter. The new truck cost $80,000 and Snow Truck Inc. financed the new truck by issuing a six-year installment loan with an interest rate of 6.5%. The note requires monthly payments on the last day of each month. Required: 1. What entry does Snow Truck Inc. make to record the purchase of the truck? 2. What entry does Snow Truck Inc. make to record its first periodic payment on January 31, 2020? 3. What entry does Snow Truck Inc. make to record its second periodic payment on February 29, 2020? 4. What is the total amount of interest Snow Truck Inc. will pay over the life of the six-year installment loan