Use the following information about Valerie Sporty to answer Questions 28 32.

Valerie Sporty has just acquire a brand-spanking new, shiny red sports car (for her business, of course) at a cash price of $70,000. She put a certain amount down and financed the balance with a note requiring that Valerie make five equal year-end payments to retire the debt. A partial amortization table is as follows:

Period	Payment	Interest	Principal	Carrying Value
0				$60,000
1	$15,426	$5,400	$10,026	49,974
2	15,426	4,498	10,928	39,046
3	15,426	3,514	11,912	27,134

28. How much was Valeries down payment? Show your calculations or explain how you know.

29. What is the interest rate on the note? Show your calculations.

30. What amount or amounts will be reported on the Year 1 statement of cash flows for Valeries business? In what section or sections? What would be the likely label or labels used?

31. What amount from this table will be reported on the Year 2 income statement for Valeries business? What will it likely be called?

32. At the end of Year 3, what amount or amounts from this table will be reported on the balance sheet for Valeries business? In what section/s and under what title/s?