(15 points) POI contracted with another company to construct equipment. The equipment was completed on January 1, 2018. POI paid for the machine by issuing a $300,000, three-year note with an interest rate of 5%, payable annually on December 31 each year. Since the machine was built, the cash price is unknown. However, when compared to similar borrowing rates, 6% is considered the market rate of interest. The appropriate PV factor for a single amount is 0.83962. Required: a) Prepare the journal entry by POI to record the purchase of equipment. b) Prepare journal entries to record interest for each of the first two years