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HOW 14.3. ABC acquires equipment by issuing a $5k note payable, terms: 15%, compounded annually, due in 3 years. The market rate of interest is

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HOW 14.3. ABC acquires equipment by issuing a $5k note payable, terms: 15%, compounded annually, due in 3 years. The market rate of interest is 10% for similar (equivalent risk) notes. Record the acquisition on 1/1/A, and give adjusting entries for years A, B, and C. [ck: Equipment cost: 5713. Interest expense in C = 691.)

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