On January $1,2022,$ Mission Company agreed to buy some equipment from Anna Company. Mission Company signed a non$-$interest$-$bearing note, agreeing to pay Anna Company the entire $$500,000$ for the equipment on December $31,2024.$ The market rate of interest for this note was $10\%.($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Required:

Prepare the journal entry Mission Company would record on January $1,2022$ related to this purchase$\mathrm{.}1$Record the $$500,000$ equipment purchased on January $1,2022$ by signing a $10\%$ non$-$interest$-$bearing note repayable on December $31,2024.$

$2$Record the interest expense related to the note for the first year assuming that no adjusting entries have been made during the year.

$3$Record the interest expense related to the note for the second year assuming that no adjusting entries have been made during the year.

$4$Record the interest expense for the third year.

$5$Record the payment of the note assuming that no adjusting entries have been made during the year.

$6$DescriptionOn January $1,2022,$ Mission Company agreed to buy some equipment from Anna Company. Mission Company signed a non$-$interest$-$bearing note, agreeing to pay Anna Company the entire $$500,000$ for the equipment on December $31,2024.$ The market rate of interest for this note was $10\%.($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Required:

Prepare the journal entry Mission Company would record on January $1,2022$ related to this purchase.