On January 1, 2023, a company issued a $28,000, 6%, 4-year installment note payable to purchase a new car for the business. Payments of $657.58 are due at the end of each month for 48 months. How much will be recorded for interest expense for the first payment on January 31, 2023?

2. How are Bonds Payable due in 8 years reported on the issuing corporations balance sheet? (In which section?)

3. What accounts are used by the lessee to record a lease?

4. At the beginning of the lease period, at what amount is the lease reported in the lessees balance sheet?