Problem 10-12A (Part Level Submission) Laverne purchased a new piece of equipment to be used in its new facility. The $440,000 piece of equipment was purchased with a $66,000 down payment and with cash received through the issuance of a $374,000, 6%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $88,786 on December 31. (a) Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to 0 decimal places, e.g. 125.) Annual Cash Interest Reduction Principal Interest Period Payment Expense of Principal Balance Issue Date $ $ $ $ 1 2 3 4 5 Amount may be off due to rounding