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 over they went and that it will cost $17,000. The company alreecy has $3,000 set aside for the purchase and will need to borrow the rest. Natalic and Curtis met with a bari marsger to discuss their options. She is willing to lend Cockic 3 Correa Creations Inc. $12,000 on November 1, 2020, for a period of 3 years at a 5% interest rate. The terms provide for face principal payments of $2,000, on May 1 and November 1 or cachycar plus Smantha otirterest Prepare a payment schedule for the life of the note. (If answer is o, please enter O. 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 Nov. 2022 May 2023 Nov. 2023 Tatals EPITOSEXE AMOUNTEXT Prepare the journal entry for the purchase of heaven ard the issue of the role payable con November 1, 2020. (Credit secount titles are automatically inducted when amount is enterad. Do not inderat manually.) Date Account Titles and Explanation Debit Credit Nux EINKTOSEXY ANYO TEXT Prepare the journal entries on May 1 and November for the note. Assumc interest was secured at October 31, year end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Dut Account Titles and Explanation Debit Credit SHOW OSTRASSOUNTEXT Determine the current portion of the note payable and the long-term portion of the note payable at October 31, 2021. Current portion Long-term portion Click If you would like to Show Work for this questioni Qren Stom Work