Project Part A You purchase equipment. You will pay $3,000 a year for 4 years beginning one year from now. You also paid $100 in delivery and $75 in installation fees. The going interest rate for loans of this kind is 6%. The equipment has a useful life of 5 years and you expect to sell it at the end of 5 years for $1,200. The equipment is expected to produce 20,000 units over the course of its life. Year 1 25,000 units, Year 2 20,000 units, year 3 15,000 units, year 4, 30,000 units, year 5 10,000 units 1. Please provide the journal entry for the purchase of the equipment Cost 4*3000+100+75-$12175 Equipment debit 12175 credit equipment cash 12175 2. Please prepare an amortization schedule for the loan Year 1 Beg Balance 3000 Interest Ex 180 id Principal Ending Balanc Repai e 4 3. Please give the journal entry for the first $3,000 payment debit 12175 credit equipment cash Note pavable-long term 3175 9000