On January 1, 2020, the XYZ Company purchased an equipment by issuing a note payable. The company agrees to pay 5 equal payments of $1,000 on December 31 for the next five years (the first payment is December 31, 2020). Each payment includes principal plus interest on any unpaid balance. The annual interest rate is 12%. 1 Question (1). Prepare the journal entry to record the purchase of the equipment (round to the nearest dollar). (5 points) Question (2). Prepare the journal entry to record the first annual payment on the note (3 points) Question (3). Prepare the journal entry to record the last annual payment on the note (5 points) Question (4). Will the interest paid with the first annual payment be more or less than the interest paid with the second annual payment? Briefly explain your answer. (2 points)