Novak Inc: has decided to purchase equipment from Central Michigan industries on January 2, 2025, to expand its production capacity to mect customers' demand for its product. Novak issues an 5580000,5 year, zero-interest-bearing note to Central Michigan for the new equipenent when the prevailing market rate of interest for obligatiens of this nature is 7. The campany will pay off the note in five $116000 installments due at the end of each year over the life of the note (a) Prepare the journal entry at the date of purchase. (Reund foctor volver to 5 decimol ploces, es. 1.25124 and final answers to 0 decimol ploces, es: 5.275 . Credit occount tiries are outomatically indented when amount is entered Do not indent manual k if no entry is requiked, select "No Entry" for the occount titles and enter O for the amounts List ell debl entries before credit entries). eTextbook and Media List of Accounts (b) The parts of this question must be completed in order. This part will be available when you complete the part above