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$)$