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On 1/1/2022, Morar Inc purchases equipment, promising to pay $30,000 on 12/31/2025. The seller is financing the purchase. If Morar Inc pursued a loan

On 1/1/2022, Morar Inc purchases equipment, promising to pay $30,000 on 12/31/2025. The seller is financing the purchase. If Morar Inc pursued a loan instead to purchase the equipment, the interest rate charged on the loan would be 6% annually. What journal entry will Morar Inc record on 1/1/2022 when the equipment is purchased? Round to the nearest dollar if necessary.

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