A company purchased two new delivery vans for a total of $250,000 on January 1, Year 1. The company paid $40,000 cash and signed a $210,000, 3-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, Year 1. Each payment includes interest on the unpaid balance plus principal.
(1) Prepare a note amortization table using the format below: 
(2) Prepare the journal entries to record the purchase of the vans on January 1, Year 1 and the second annual installment payment on December 31, Year 2.
Definitions:
Credentialing
The process of establishing the qualifications of licensed professionals, organizational members, or an organization and certifying them as meeting the standards to perform their services.
Work-Related Violence
Work-related violence is any act or threat of physical violence, harassment, intimidation, or other threatening disruptive behavior that occurs at the work site.
Social Workers
Professionals who provide support, resources, and interventions to individuals, families, and communities, often focusing on those in vulnerable situations.
Police Officers
Law enforcement professionals responsible for maintaining public order, preventing and detecting crimes, and enforcing laws.
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