2. Purchased a piece of equipment worth $3,170,000. The terms of financing on the purchase call for annual payments starting 12 months from the purchase date of $1,000,000 each for 4 years. The implied interest rate is 10%.

   1. Record the sale.

   2. Record the amortization table for the note.

   3. If the date of the sale was June 30, 2016, how much interest would have been paid in 2017?

   4. Record the December 31, 2016 adjusting entry.