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On January 1, 2015, GHI Inc. bought new delivery trucks. The company signed a note agreeing to make 2 payments of $10,000 on December 31

On January 1, 2015, GHI Inc. bought new delivery trucks. The company signed a note agreeing to make 2 payments of $10,000 on December 31 of 2015 and 2016. In addition, on December 31, 2017, the company is required to make a payment of $15,000. The market interest rate for this note is 8%. Interest is compounded annually. What journal entry should be recorded on January 1, 2015? (show your calculations)

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