On 2/1/2015, Al-Arabiya Company made equipment at a price of 300,000 dinars, and the purchase contract stipulated that the company pay the amount of 150,000 dinars in cash, and the rest of the amount was paid in installments over 6 equal annual payments, the value of each payment being 25,000 dinars, and the first payment is due on 2/1/2016 . And 6 promissory notes were drawn on the company, each valued at 25,000 dinars, without interest. If you know that the annual interest rate on these transactions prevailing in the market is 8%. The company made the payments on the agreed dates.

Required : 1. Proof of the journal entry for the purchase of equipment.

2. Proof of the daily entries for the first and second payments.