iew Policies Current Attempt in Progress Sage Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to meet customers' demand for its product. Sage issues aln) $400,000,5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 12%. The company will pay off the note in five $80,000 installments 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, eg. 1.25124 and final answers to o decimal places, eg. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Attempts: 0 of 1 used Submit Answer Save for Later (b) The parts of this question must be completed in order. This part will be available when you complete the part above