Vaughn bought equipment that cost $80,500 by issuing a 3 year 4% installment note. Three installment payments of $29,008 are required. Prepare an amortization table Debit Debit Year Beginning Interest Notes balance Expense Payable Credit Ending Cash Balance 1 2 3 Record journal entries for: a) Purchase of equipment b) Ist installment payment c) 2nd installment payment d) 3rd installment payment Date General Journal Page 37 Description Debit Credit