2. On June 1, 2020, Cascade Company purchased equipment from Olympia Corporation, Cascade issued a $28,000, 4-year, zero-interest- bearing note to Olympia for the new equipment. Cascade will pay off the note in four equal installments of $7,000 due at the end of each of the next 4 years. At the date of the transaction, the prevailing market rate of interest for obligations of this nature was 8%. Freight costs of $425 and installation costs of $500 were incurred in completing this transaction. Prepare the journal entry for the purchase of the equipment by Cascade