On January 1, 2024, a company purchases new equipment for $720,000. The company is required to make a down payment of $114,000 and issue an installment note for the remaining balance of $606,000. The note requires payments of $82,724.94 every three months, beginning March 31, 2024, over the next two years. The interest rate on the note is 8% annually (or 2% every three months). Required: 1. Record the purchase of equipment with down payment of $114,000 and the installment note of $606,000 on January 1, 2024. 2. Record the first payment of $82,724.94 on March 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the purchase of equipment with down payment of $114,000 and the installment note of $606,000 on January 1, 2024. Note: Enter debits before credits. Date General Journal Debit Credit