Problem 5 Riverside Corporation purchased equipment from Brainard Co., on January 1, 2021. In payment for $150,000 equipment, Riverside Corporation issued a 6-year note to be paid in six equal payments at the end of each year. The payments include interest at the rate of 8%. Required: Calculate the amount of each installment. Prepare the journal entry for purchase of equipment. Prepare the journal entries for the first two installment payments on December 31, 2021 and 2022.