On January $1,$ Ellsworth Company completed the following transactions $($use an $8\%$ annual interest rate for all transactions$)$: $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Borrowed $$2,250,000$ to be repaid in five years. Agreed to pay a fixed amount of $$155,000$ at the end of each year for five years and a one$-$time payment of $$2,250,000$ at the end of the $5$th year.

Established a plant remodeling fund of $$1,500,000$ to be available at the end of Year $10.$ A single sum that will grow to $$1,500,000$ will be deposited on January $1$ of this year.

Purchased a $$760,000$ machine on January $1$ of this year and paid cash, $$405,000.$ A four$-$year note is signed for the balance. The note will be paid in four equal year$-$end payments starting on December $31$ of this year.

Required:

$1.$ In transaction $($a$),$ determine the present value of the debt.

$2-$a$.$ In transaction $($b$),$ what single amount must the company deposit on January $1$ of this year?

$2-$b$.$ In transaction $($b$),$ what is the total amount of interest revenue that will be earned?

$3-$a$.$ In transaction $($c$),$ what is the amount of each of the equal annual payments that will be paid on the note?

$3-$b$.$ In transaction $($c$),$ what is the total amount of interest expense that will be incurred?