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Ward, Incorporated purchased a new piece of equipment on January 1, 2023 for $270,000, paying $40,000 in cash and issuing a $230,000,7%,3-year mortgage payable. The

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Ward, Incorporated purchased a new piece of equipment on January 1, 2023 for $270,000, paying $40,000 in cash and issuing a $230,000,7%,3-year mortgage payable. The note calls for monthly payments of $7,102 beginning on January 31,2023. Instructions: 1) Using Excel, prepare an amortization table for the term of the mortgage. 2) Prepare the journal entries for the first 5 months. 3) Using Excel, prepare an amortization table assuming Ward paid an additional $1,200 per month

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