On January 1, 2021, Famous Inc. acquired a piece of equipment for a list price of $340,000. It paid $50,000 cash and issued a 3-year note payable for the remainder. The note requires annual payments of a 3% interest every December 31. Famous Ic. also paid $16,000 to install the equipment, and $6,000 to test it. At the end of the testing, the company was able to obtain an output of a good quality and sold it for $2,300. Famous Inc. incremental borrowing rate is 5%. The equipment useful life is $80,000 at the end of its 10-year useful life. It was ready for use on March 31, 2021 but the company started using it on April 30th, 2021. Famous is a public company and uses the straight-line method to depreciate its equipment. Required- 1- Prepare the journal entry to record the acquisition of the equipment. 2- Prepare the required adjusting entries on December 31, 2021