Accounting in acquisition and disposition of property, plant and Equipment

9. ON JULY 1ST, 2018, DAVIS COMPANY PURCHASED A PIECE OF EQUIPMENT. DAVIS COMPANY SIGNED A NONINTEREST -BEARING NOTE REQUIRING $50,000 TO BE PAID ON JUNE 30TH, 2020. AN INTEREST RATE FOR SIMILAR FINANCING BY DAVIS COMPANY WOULD HAVE REQUIRED AN INTEREST RATE OF 10%. INSTALLATION COSTS OF $400 WERE INCURRED AND PAID IN REGARD TO THE EQUIPMENT. BECAUSE OF VANDELISM DURING THE SHIPMENT, DAViS COMPANY HAD TO PAY $250 TO FIX THE MACHINE. PREPARE THE JOURNAL ENTRY TO ACQUIRE THE EQUIPMENT