On January $1,2024,$ ABC Company issued $$100,000$ of $5-$year bonds payable at $98.$ The bonds carry a stated interest rate of $6\%$ payable annually. Provide the journal entry to record the issuance of bonds payable.

XYZ Corporation purchased equipment for $$50,000$ on January $2,2024,$ paying $$10,000$ in cash and signing a note payable for the remainder. Record the journal entry to reflect the acquisition of the equipment.

During the month of January $2024,$ ABC Company earned $$25,000$ in revenue on account. Provide the journal entry to record this revenue.

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