Brief Exercise 10-5 Indigo Corporation purchased a truck by issuing an $88,000, 5-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 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.)

Account Titles and Explanation Debit Credit

Trucks

Discount on Notes Payable

Notes Payable

*Please i want to get the answers with every single detial of how did we get the final answer. thank you!