Laverne purchased a new piece of equipment to be used in its new facility. The $355,000 piece of equipment was purchased with a $35,500 down payment and with cash received through the issuance of a $319,500, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $77,923 on December 31.
Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to 0 decimal places)
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Home » Business » Laverne purchased a new piece of equipment to be used in its new facility. The $355,000 piece of equipment was purchased with a $35,500 down payment and with cash received through the issuance of a $319,500, 7%, 5-year mortgage payable issued on