On January 1, 2027, Ovaltine Corp purchases equipment to make decoder rings with a note payable to be paid off in 8 annual payments of $50,000. Each payment of $50,000 is due on December 31 of each year. Each payment includes principal plus interest on the unpaid balance at 5% per year. What is the journal entry(ies) that Ovaltine Corp records on January 1, 2027? Write NONE if not journal entry is required.