A Company Purchased Two New Delivery Vans for a Total

A company purchased two new delivery vans for a total of $250,000 on January 1, 2013. The company paid $40,000 cash and signed a $210,000, three-year, 8% note for the remaining balance. The note is to be paid in three annual end-of-year payments of $81,487 each, with the first payment on December 31, 2013. Each payment includes interest on the unpaid balance plus principal.
(1) Prepare a note amortization table using the format below:
$\begin{array}{|c|c|c|c|c|c|}\hline \begin{array}{c}\text { Period } \\\text { Ending Date }\end{array} & \begin{array}{c}\text { Beginning } \\\text { Balance }\end{array} & \begin{array}{c}\text { Debit Interest } \\\text { Expense }\end{array} & \begin{array}{c}\text { Debit Notes } \\\text { Payable }\end{array} & \text { Credit Cash } & \begin{array}{c}\text { Ending } \\\text { Balance }\end{array} \\\hline 12 / 31 / 13 & & & & & \\\hline 12 / 31 / 14 & & & & & \\\hline 12 / 31 / 15 & & & & & \\\hline\end{array}$ (2) Prepare the general journal entries to record the purchase of the vans on January 1, 2013 and the second annual installment payment on December 31, 2014.