James purchased a new piece of equipment to be used in its new facility. The $350,000 piece of equipment was purchased with a $52,500 down payment and with cash received through the issuance of a $297.500,7%,5-year mortgage payable issued on January 1 . 2025. The terms provide for annual installment payments of $72,557 on December 31 . Prepare the journal entry related to the notes payable for December 31, 2025. (List all debit entries before credit entries. 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 tities ond enter 0 for the amounts. Round answers to 0 decimal places, e.g. 125.) eTextbook and Media List of Accounts Attempts: 3 of 8 used (c) The parts of thits question must be completed in order. This part will be available when you complete the part above