Martin Corporation purchased a truck by issuing an $80,000, 12% note to Equinox Inc. Interest is payable

Question:

Martin purchased a truck by issuing an $80,000, 12% note to Equinox Inc. Interest is payable annually and the note is payable in four years. Prepare the journal entry to record the truck purchase.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...