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

$)$