A company purchased a new machine on February 1 for $60,000, paying $20,000 cash and signing a 5%, 12-month note for the remaining balance, interest to be paid at maturity. The machine is expected to have a 10-year useful life. The company prepares annual financial statements every December 31. Instructions (a) Prepare any adjusting journal entries that should be made at year end, December 31. (b) Show how the machine will be reflected on the company's balance sheet on December 31. Debit Credit Date