On January 1, 2011, Petroxy Oil Corporation acquired a new piece of machinery and a used truck from Acme Equipment Company. Petroxy Oil negotiated a price of $156,250 for both items. The fair market value of the equipment was $144,000, and the fair market value of the truck was $36,000. Petroxy Oil Corporation signed a note with Acme to make the purchase.

Prepare the journal entry to record the purchase of the equipment.