P10-7A. Refer to part (a). What is the principal balance at the end of Period 1?

P10-9A. Refer to Part (b). What is the total amount of Interest expense on the bonds issued by Paris Electric?

Prepare installment payments sochedule, foumal entries, and balance sheer Current portion P10.7A (LO 4, 5), AP Laverne Inc. purchased a new piece of equipment to be used in its new ficility. The $370,000 piece of equipment was purchased with a $0,000 down payment and with cash received through the issuance of a $320,000,8%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $80,146 each December 31 . Instructions (Round all computations to the nearest dollar.) a. Prepare an installment payments schedule for the first three payments of the mortgage payable. b. Prepare the journal entry related to the notes payable for December 31,2022. c. Show the balance sheet presentation for this obligation for December 31, 2022. (Hink: Be sure to distinguish between the current and long-term portions of the mortgage.) P10,9A (LO 5, 6), AD Paris Electric sold $3,000,000,10%,10year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Paris Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 104. Instructions a. Prepare the journal entry to record the issuance of the bonds on January 1,2022. b. Prepare a bond premium amortization schedule for the first four interest periods. c. Prepare the journal entries for interest expense and the amortization of the premium in 2022 and 2023. Also, prepare the journal entry for interest payment in 2023. d. Show the balance sheet presentation of the bond liability at December 31, 2023. Mepare entries to reond lsuaner of bonds, interest accnael and siralghtMere amonksarion for 2 years. b. Amortization $12,000 d. Premium on bonds payable $96,000