Bridgeport Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2025, to expand its production capacity to meet customers' demand for its product. Bridgeport issues an $690,000,5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 8%. The company will pay off the note in five $138,000 instaliments due at the end of each year over the life of the note. (a) Prepare the journal entry at the date of purchase. (Round factor volues to 5 decimal places, e. 8.1.25124 and final answers to 0 decimal places, e.g. 5,275 . Credit account titles are automatically indented when 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.)