Problem 10-12A (Part Level Submission) Laverne purchased a new piece of equipment to be used in its new facility. The $365,000 piece of equipment was purchased with a $54,750 down payment and with cash received through the issuance of a $310,250, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $75,667 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 Interest Period		Cash Payment		Interest Expense		Reduction of Principal		Principal Balance
Issue Date		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
1		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
2		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
3		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
4		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
5		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount	*

^* Amount may be off due to rounding.

Problem 10-12A (Part Level Submission) Laverne purchased a new piece of equipment to be used in its new facility. The $365,000 piece of equipment was purchased with a $54,750 down payment and with cash received through the issuance of a $310,250, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $75,667 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 Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date $ $ $ $ 1 2 3 4 5 * Amount may be off due to rounding. Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used