On January 1year 1, Ontario Company old a new machine to Canada Company for $70,000. Canada Company made a cash down payment of $20,000 and signed a $50.000, 5 percent note for the balance due. The note is payable in three equal installments due on December 31. year 1 yeur 2. and year ). Each payment includes principal plus interest on the unpaid balance. Canada Company recorded the purchase as follows Marylar Machinery 70,000 20.000 Note pale 50.000 Required how to and under werd dollar 1. What is the amount of the equal annual payments that Canada Company must make! 2. What is the total interest on the miste over the three years! 3. Complete the following debt payment schedule Debt Pet Schedule Cod Poment interest Expense there in Principal Capeld Principal Date January 1 year December year December 31, 2 December Total 4. Prepare the journal entries for each of their payments 5. Explain why interest expense decreased in amount each year