Blossom Inc. decided to purchase equipment from Central Ontario Industries on January $2,2023,$ to expand its production capacity to meet customers' demand for its product. Blossom issued a $$850,000,4-$year, non$-$interest$-$bearing note to Central Ontario for the new equipment when the prevailing market interest rate for obligations of this nature was $10\%.$ The company will pay off the note in $4$ $$212,500$ instalments due at the end of each year of the note's life. $($The tables in this problem are to be used as a reference for this problem.$)$Click here to view Table A$\mathrm{.}4-$ PRESENT VALUE OF AN ORDINARY ANNUITY OF $1($a$)$Your AnswerCorrect Answer $($Used$)$Prepare the journal entry at the date of purchase. Calculate the purchase price using any of the three methods $($tables$,$ financial calculator, or Excel$).($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Round factor values to $5$ decimal places, eg$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$,$g: $5,275.)$Account Titles and ExplanationDebitCreditEquipment$673,597$Notes Payable$673,597($b$)$Prepare the journal entries at the end of the first year to record the payment of principal and interest, assuming that the company uses the effective interest method. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal places, e$.$g$.5,275.)$DateAccount Titles and ExplanationDebitCre