Tropicana Industries purchased $1,418,400 of equipment by issuing a 4 year note, dated November 1, 2022. Payments on the note are $350,000 each year due October 31. The implied interest rate on the note is 5%.

Required

1. Create an amortization schedule showing the first two payment rows.

2. Write the journal entry to show the original issue of the note?

3. Write the journal entry to show the adjusting entry for December 31, 2022.

4. Write the journal for the first payment October 31, 2023.