Hemingway Company purchases equipment by issuing a 7-year, $350,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. Additional Instructions How does grading work? PAGE 10 GENERAL JOURNAL Score: 33/37 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Jan. 1 Equipment 269,465.00 Discount on Notes Payable 325,500.00 Notes Payable 350,000.00 Points: 6.24/7