On 1/1/2020, Gleason Incorporated purchases equipment, promising to pay $50,000 on 12/31/2023. The seller is financing the purchase. If Gleason Incorporated pursued a loan instead to purchase the equipment, the interest rate charged on the loan would be 9% annually. PART A Step 1-Journal Entry 0/2 points earned What journal entry will Gleason Incorporated record on 1/1/2020 when the equipment is purchased? Round to the nearest dollar if necessary. Account No Journal Entry Required Debit Credit Score 0/0.33 0/0.33 PART B What journal entry will Gleason Incorporated record on 12/31/2020 related to this equipment purchase? Round to the nearest dollar if necessary. Account x No Journal Entry Required Debit Credit Score 0/0.33 0/0.33