Michigan Automotive Inc. purchased a new state-of the art equipment on January 1, 2017 from Masco Manufacturing by signing a 8% five-year promissory note with a maturity value of $1,000,000. Interest is payable annually. However, the market interest rate for notes of this type with similar risk characteristics is 10%. Fiscal year end is December 31. (Use effective interest method). Record a journal entry for the purchase of equipment by issuing a long term note on January 1 , 2017