Ok t inces On January 1, 2024, Benson Company purchases new equipment for $718,000. Benson is required to make a down payment of $119,000 and issue an installment note for the remaining balance of $599,000. The note requires payments of $81,769.37 every three months, beginning March 31, 2024, over the next two years. The interest rate on the note is 8% annually (or 2% every three months). Required: 1. Record the purchase of equipment with down payment of $119,000 and the installment note of $599,000 on January 1, 2024. 2. Record the first payment of $81,769.37 on March 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list View journal entry worksheet No 1 Date January 01, 2024 Equipment Cash Notes Payable General Journal Debit Credit 718,000.00 119,000.00 599,000.00 2 March 31, 2024 Interest Expense Notes Payable Cash