Cascade Company was trying to sell some of its old oil and gas drililing equipment. On January 1,2021, Cascade Company s equipment to Yukon OII and Gas Company. The equipment cost $250,000 and had accurnulated depreciation of $100,000 on the d of sale. Yukon Oll and Gas Company gave Cascade Company a non-interest-bearing note with payments of $80,000 annually is years. The first note payment is to be made on January 1,2021. The prevaling rate of interest for a note of this type on Janua 2021 , was 5%. (FV of \$1. PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for Yukon's purchase of the machine on January 1, 2021. 2. Prepare the journal entry for the installment payment on December 31, 2021. 3. Prepare the journal entry for the installment payment on December 31, 2022 . Provide answers in whole numbers. Complete this question by entering your answers in the tabs below. Requirement Journal entry worksheet Record the installment payment on December 31, 2021. Note: Enter debits before credits