The company purchased a piece of Equipment on $12/1/2023$ for use in its business operations. The company financed this purchase $100\%$ and began using the Equipment immediately. The details of the loan are below:

Amount $$100,000\mathrm{.}00$

Interest rate $8\%$

Loan period $($months$)24$

Payment amount $$4,522\mathrm{.}73$

Start Date $12/1/23$

$1.$explain why an amortization schedule is important and create one

$2.$ Create the journal entry required to initially record this loan.

$3.$ Create any adjusting entries needed at $12/31/2023.$

$4.$ Create the journal entry to record the first payment $($assume a $1/1/2024$ due date$)$