Headland inc: has decided to purchase equipment from Central Michigan Industries on January 2, 2025, to expand its production capacity to meet customers' demand for its product. Headland issues an $640,000, 5-year, zero-interest -bearing note to Centra! Michigan for the new equipment when the prevaling market rate of interest for obligations of this nature is 7%. The company will pay off the note in five $128.000 instaliments due at the end of each year over the life of the note. (a) Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.3. 1.25124 and final answers to 0 decimal places, e.s. 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 tities and enter 0 for the amounts, List all debit entries before credit entries.)