Preferred Corporation purchases an asset and finances it with a note payable. Information regarding the transaction follows: YOU WILL NEED THE KIESO PRESENT VALUE TABLES FOR THIS PROBLEM. Cost of asset Amount Financed Annual Interest Rate Installment loan term Payments are made $ 374,500 374,500 12% 2 years 4 times per year Record the original entry for the purchase and finance of the machine: Calculate the required payment and the first two payments on the amortization schedule: USE PROBLEM #2 TO ANSWER QUESTIONS 8 THRU 10 BELOW 8.) Calculate the periodic payment on the note payable. 9.) What is the total amount of interest that will be paid on the note payable over the two year period? 10.) If the company wishes to get the loan paid off in ONE year instead what will the new quarterly payments be?