Question 1 Larkspur Incorporated purchased metal to build a new roller coaster on December 31, 2020. Larkspur provided a $500,000 down payment and agreed to pay the balance in equal instalments of $300,000 every December 31 for five years, Larkspur could have received a loan from the bank for this amount at 8% interest. Larkspur prepares financial statements in accordance with IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, calculate the amount used to record the note payable issued in the exchange. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to o decimal places, e.g. 5,275.) Amount used to record the note payable Prepare an instalment note repayment schedule for the term of the note. (Do not leave any answer field blank. Enter o for amounts. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to o decimal places, e.g. 5,275.) Instalment Note Repayment Schedule Interest Expense Principal Paid Date Cash Paid Note Carrying Amount 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Prepare the journal entries that would be recorded for the purchase and for the payments and interest on December 31, 2020, 2021, 2022, 2023, 2024, and 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25