Exercise 10-14 (Part Level Submission) Wildhorse Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to meet customers' demand for its product, Wildhorse issues an> $720,000, 5-year, zero-Interest-bearing note to Central Michigan for the nex equipment when the prevailing merket rate of interest for obligations of this nature is 12%. The company will pay off the note in five $144,000 installments due at the end of each year over the life of the note. Your answer is correct. Prepare the journal entry at the data of purchase. (Round factor values to s decimal places, e.g. 1.25124 and final answers to decimal places, e.g. 5,275. Credit account tities 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 o for the amounts.) Account Titles and Explanation Debit Credit Epuipment $519.099 Discount on Notes Payable $200.912 Nebes Payable S720,000 SHOW LIST OF AXININIS SIKSLITION I TNK TO TEXT Attempts: 2 of 5 used (b) Prepare the journal antry at the end of the first year to record the payment and intarest, assuming that the company employs the effective interest mathod. (Round answers to 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 o for the amounts.) Account Titles and Explanation Debit Credit J SHOWLISI DI ACXXRINIS LINK TO TEXT