On January 1, 2024, a company purchases new equipment for $649,000. The company is required to make a down payment of $135,000 and issue an installment note for the remaining balance of $514,000. The note requires payments of $70,166.04 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