vuston Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which even they want and that will cost $17,000. The company already has $5,000 set aside for the purchase and will need to borrow the rest Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookie & Coffee Creations Inc. $12,000 on November 1, 2020, for a period of 3 years at a 5% interest rate The terms provide for fixed principal payments of $2.000, on May 1 and November 1 of each year plus 6 months of interest. Your answer is partially correct. Try again Prepare a payment schedule for the life of the note. (If answer is please enter 0. Do not leave any fields blank.) Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Nov. 2020 May 2021 2,000 Islllll Nov. 2023 12.000 Your answer is partially correct. Try again Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020. (Credit account title net indent manually.) Date Account Titles and Explanation Credit T Cash 1 Notes Payable Your answer is partially correct. Try again Prepare the journal entries on May 1 and November 1 for the note. Assume interest was accured at October 31. year end. (Credit account entered. Do not indent manually. Record journal entries in the order presented in the problem.) when amount is Date May 1, 2021 Account Titles and Explanation interest Expense Notes Payable I Cash Nov. 1, 2017 Interest Expense 250 T