Essential Campany, which manufactures steel tubing and casing for automobile production, borrowed $432,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology. The terms of Essential's note dictate that it is a 8 -month, 12%, interest-bearing note. Required: 1. Record the borrowing transaction. If an amount thox does not require an entry, leave it blank. Ja. 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank