The three independent scenarios below describe the sale/purchase of used equipment that the seller has agreed to finance for the buyer. In each case, an implicit interest rate of 6% is assumed, ie., the prevailing market rate of interest for the type of obligation in question is 6% (e.g., in agreeing to extend credit to the buyer, the seller desired an 6% rate of return and set the terms of the financing arrangement accordingly) Further assumed is that each note's present value reflects the fair value of the equipment sold/purchased Required- For each scenario, create an amortization schedule to support the accounting for the note and prepare all note-related journal entries that the seller should have recorded over the note's three-year life A 2. On January 1, 2011, Seller2 Company sold used equipment to Buyer2 Company. Seller2's cost and book value at the time of the sale were $60,000 and $32,000, respectively. In exchange, Seller2 accepted Buyer2's $30,000, three-year, 4% note, due in full on December 31, 2013, with interest payable annually every December 31. e+