On January 1, 2023, Dash-Door Limited purchased equipment by signing a long-term note payable in the amount of $100,000, maturing on December 31,2025 ( 3 years), with a stated interest rate of 12%. The note will be repaid in three equal annual installments, with each installment due on December 31 . The market rate of interest on debt instruments of a similar type was 14% on January 1,2023. (a) Prepare the journal entries to record the purchase of the equipment and issuing of the Note Payable on January 1, 2023, and the first two installment payments on December 31, 2023, and December 31, 2024. (You should have THREE journal entries.) (b) Assume that on January 1, 2025, Dash-Door Limited declared bankruptcy and the creditor of the note repossessed the equipment. The equipment was being depreciated on a straight-line basis over 5 years, zero salvage value and had a fair market value of $30,000 on January 1, 2025. Prepare the journal entry to record the settlement of the note payable. (c) Prepare an amortization schedule for the note payable, to assist you with the preparation of your journal entries