On January 1, 2024, Benson Company purchases new equipment for $752,000. Benson is required to make a down payment of $137,000 and issue an installment note for the remaining balance of $615,000. The note requires payments of $83,953.53 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 $137,000 and the installment note of $615,000 on January 1, 2024.

2. Record the first payment of $83,953.53 on March 31, 2024.