On August 31, 2021, Company ABC purchased a new machine from XYZ. The agreement stipulated that ABC make four payments of $75,000 (including interest) annually August 31. The first note payment is to be made on August 31, 2021. Assume that a market interest rate of 5% applies to this contract: Future n Value of 1 Present value of 1 Future value of an ordinary annuity Present value of an Present value of an ordinary annuity annuity due i 4 1.21551 0.82270 4.31013 3.54595 3.72325 5% 1. Record Company ABC's purchase of the machine on August 31, 2021? (6pts) Account Title Debit Credit 2. Prepare the journal entry(s) for Company ABC for year ended 12/31/23, if any, associated with the purchase of this equipment. (3 pts)