Problem 1 Smith corporation purchased a new delivery truck for $80,000. They obtained a 6 year installment loan with interest at 6%. Their monthly payment will be $1,350. Please complete the following amortization table for the first 3 monthly payments (round to the nearest whole dollar)

Payment #	Payment	Interest Payment	Principle Payment	Balance
				$80,000
1	$1,350
2	$1,350
3	$1,350

Problem 2 Jamison borrows $150,000 for 20 years at 10% interest to buy a building. They must make a monthly payment of $1,400. Please complete the following amortization table for the first 3 monthly payments.

Payment #	Payment	Interest Payment	Principle Payment	Balance
				$150,000
1	$1,350
2	$1,350
3	$1,350

Part 2 Prepare the journal entry to make the 2^nd monthly payment in the space below

	Account Titles	Debit	Credit
2nd Pmt