On October 31, 2023 Elmhurst, Inc. signed a 9-year $900,000 installment note in conjunction with the purchase of a building for its corporate headquarters on Long Island. This note is payable in equal monthly installments of $9,750, which includes interest computed at an annual rate of 5.0%. The first monthly payment is made on November 30, 2023. This note is fully amortizing over 108 months. Complete the amortization table for the first two payments by entering the correct dollar amounts in the blank spaces provided. In addition, answer questions (a) through (c) below (PLEASE ROUND ALL OF YOUR ANSWERS TO THE NEAREST DOLLAR): Payment Date Issuance Nov. 30 Dec. 31 Monthly Payment Interest Expense Repayment of Principal $9,750 $9,750 S? $? $? $? Unpaid Balance $900,000 $? $?

In answering (a) below, provide both the interest expense AND the balance in the installment note at the end of the year.

(a) With respect to this installment note, Elmhurst's 2022 income statement will include interest expense of $ ? and Elmhurst's balance sheet at December 31, 2022, will include a total liability for this installment note of $ _. (Do not separate into current and long-term portions. (b) The aggregate monthly cash payments Elmhurst will make over the 9-year life of the note will equal $_____ (c) Over the 9-year life of the note, the total amount Elmhurst will pay for interest equals: $ In answering this question, provide 4 different amounts: part a - 2 amounts; part b - 1 amount; part c - one amount