Exercise 10-14 Culver Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2017, to expand its production capacity to meet customers' demand for its product. Culver issues an) $75.000, S-year, nero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of Interest for obligations of this naturels 11 The company will pay off the note in five $195,200 installments due at the end of each year over the life of the note. Prepare the journal entry at the date of purchase. (und factor was to decimal places 1.124 and finalauswers to decal tece... Credit account titles are automatically indented when amount is entere Do not inden manly. I try is require selectentry for the accounts and enter for the amounts) A Title Explanation Crede LISAINS Prepare the marry the end of the first year to record the payment and interesting that the company love the effective rest method (founders to decimales. 275. Credit accounts are fomatically indeed when amunt is entered to not inden many entry is required selectentry for the account ales and enter for the amounts) Credi Prepare the journal entry at the end of the second year to record the payment and interest. (Round answers to decimal places 5,275. Credit account titles are automatically indented when amount is entered. Do not indent my Ine entry is requires select Fatry for the accounts and enter for the amounts) Accountries and plantio Debt Credit