2. On January 1, 2017, Gaskin Cabinetry Company purchases $300,000 of equipment by paying $50,000 in cash and signing a 10-year mortgage note at 13% for the balance. Gaskin will make yearly payments of $46,072. The amortization schedule for the first five payments is provided. Beginning Principal Interest Total Balance Payment Expense Payment 01/01/2017 01/01/2018 01/01/2019 01/01/2020 01/01/2021 01/01/2022 $250,000 236,428 221,092 203,762 184,179 $13,572 15,336 17,330 19,583 22,129 $32,500 30,736 28,742 26,489 23,943 $46,072 46,072 46,072 46,072 46,072 Ending Balance $250,000 236,428 221,092 203,762 184,179 162,050 Prepare the journal entry for the purchase of the equipment and for the January 1, 2018 mortgage payment