Steven purchased a new piece of equipment to be used in its new facility. The $415,000 piece of equipment was purchased with a $62,250 down payment and with cash received through the issuanc of a $352,750,7%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $86,032 on December 31. . Your answer is partially correct. Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to O decimal places, e.g. 125.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date 86,032 86,032 86,032 86,032 86,032 present Prepare the journal entry related to the notes payable for December 31, 2022. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) the cours entrelated to Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense Mortgage Payable Cash Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to O decimal places, e.g. 125.) STEVEN Balance Sheet (Partial) December 31, 2022 Current Liabilities Mortgage Payable $ Long-term Liabilities Mortgage Payable Total Liabilities