Hemingway Company purchases equipment by issuing a 7-year, $420,000 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: Propare the journal entry to record Hemingway's acquisition of the equipment. Hemingway Company purchases equipment by issuing a 7 -year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay oft the note with equal payments to be made at the end of each year. Required: Propare the joumal entry to record Homingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions