On January 1, 2018, Gadsby Cabinetry Company purchases $300,000 of equipment by paying $50,000 in cash and signing a 10-year mortgage note at 13% for the balance. Gadsby will make yearly payments of $46,072. The amortization schedule for the first five payments is provided. Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 01/01/2018 $250,000 01/01/2019 $250,000 $13,572 $32,500 $46,072 236,428 01/01/2020 236,428 15,336 30,736 46,072 221,092 01/01/2021 2 21,092 17,330 28,742 46,072 203,762 01/01/2022 203,762 19,583 26,489 46,072 184,179 01/01/2023 184,179 22,129 23,943 46,072 162,050 Prepare the journal entries for the purchase of the equipment and for the January 1, 2019 mortgage payment. Omit explanations