Michael purchased a new piece of equipment to be used in its new facility. The $$380,000$ piece of equipment

was purchased with a $$57,000$ down payment and with cash received through the issuance of a

$$323,000,8\%,5-$year mortgage payable issued on January $1,2025.$ The terms provide for annual installment

payments of $$80,897$ 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 titles and enter $0$ for the amounts. Round answers to $0$ decimal places, e$.$g$.125.)$

Date Account Titles and Explanation

Debit

Credit

Dec. $31$

eTextbook and Media

List of Accounts

Show the balance sheet presentation for this obligation for December $31,2025.($Hint: Be sure to distinguish between the current

and long$-$term portions of the note.$)($Round answers to $0$ decimal places, e$.$g$.125.)$

MICHAEL

Balance Sheet $($Partial$)$