Opera Company purchased a delivery truck at $22,000 plus 8% sales taxes. Opera paid $2,500 in cash and financed the rest at 12% requiring 48 equal monthly payments at the end of each month.

Q7. Complete partial amortization Schedule for pay periods 0, 1, and 2.

Q8. Provide the necessary journal entry that company must make for 2nd monthly payment

Q9. Factory equipment was purchased by issuing a 5-year note payable which requires a single payment of $100,000 at the maturity of the note. The single payment includes the price of the equipment plus annually compounded interest. The market rate of interest at the time of signing the note was 4%. Provide journal entry for recoding the purchase of equipment.