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UCCS purchased two new delivery vans for a total of $250,000 on January 1, Year 1. UCCS paid $40,000 cash and signed a $210,000, 3-year,

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UCCS purchased two new delivery vans for a total of $250,000 on January 1, Year 1. UCCS paid $40,000 cash and signed a $210,000, 3-year, 8% note for the remaining balance. The note is to be paid in three annual end-of-year payments of $81,487 cach, with the first payment on December 31, Year 1. Each payment includes interest on the unpaid balance plus principal. (1) Prepare a note amortization table using the format below: Debit Period Debit Beginning Interest Notes Ending Date Balance Expense Payable Credit Cash Ending Balance 12/31/Y 1 12/31/Yr 2 12/31/93 (2) Prepare the journal entries to record the purchase of the vans on January 1 Year 1 and the 2nd annual installment payment on December 31. Year 2 (hint: principal and interest should be recorded seperately)

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