for the following information: prepare journal entries to record (a) the acquisition of the equipment and (b) other necessary entries on December 31,2008, 2009, 2010, 2011, and 2012

2. Acquired Equipment for $700,000 on January 1, 2008, with a down payment of $100,000. The going market interest rate at the time of acquisition was 12%. The balance was paid on installment as follows: December 31, 2009 December 31, 2010 December 31, 2011 December 31, 2012 $300,000 $100,000 $100,000 $100,000 The company uses double declining balance method of depreciation. Required: Prepare entries to record (a) the acquisition of the equipment and (b) Other necessary entries on December 31, 2008, 2009, 2010, 2011, and 2012