Question: On January 1, Year 1, Paul Corporation purchases equipment. As full payment for this equipment, Paul issues a $90,000 installment note payable, due in three annual installments of $30,000, beginning on December 31, Year 1. This note makes no mention of interest charges. Assume that a realistic interest annual rate for financing equipment over a three-year period currently is 10%. Required: (A) Compute the present value of the installment note. (B) Complete the amortization table shown below to allocate the amount of each installment payment between interest expense and reduction in the principal amount of this obligation. (Round your calculations to whole numbers.) Payment Date Annual Payment Interest Expense Reduction in Unpaid Balance Unpaid Balance Issuance December 31, Year 1 December 31, Year 2 December 31, Year 3