Question 1 Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which aven they want and that it will cost $17,000. The company already has $5,non set aside for the purchase and will reed to borrow the rest. Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookie & Coffee Creations Inc. $12,000 on November 1, 2020, for a period of 3 years at a 5% interest rate. The terms provide for fixed principal payments of $2,000, un May 1 and November 1 of cach year alus 6 months of interest. Prepare a payment schedule for the We of the nate. (If answer is 0, please enter 0. Do not leave any fields blank.) Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Nov. 2020 May 2021 $ Nov, 2021 $ May 2022 ....19 Nov. 2022 4 May 2023 $ $ Nov. 2023 Totals $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the journal entry for the purchase of the oven and the issue of the nate payable on November 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1 SHOW UST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the journal entries on May 1 and November 1 for the note. Assume Interest was accured at October 31, year end. (Credit account tties are automatically Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit V V SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Determine the current portion of the note payable and the long-term portion of the nute payable at October 31, 2021. Current portion Long tarm portions Click if you would like to show Work for this question: Open Show Work