On January 1, Hurkacz Company received a machine that the company had ordered with an invoice price of $101,000. Freight costs of $600 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine:

a. Issued 1,200 shares of its $1 par value common stock (market value, $3.50 per share).

b. Signed a note payable for $65,000 with an 10% interest rate (principal plus interest are due April 1 of the current year).

c. The balance of the invoice price was on account with the vendor, and due on January 12.

On January 3, the company paid $1,800 cash for installation costs to prepare the machine for use. On January 12, the company paid the balance due on its accounts payable to the vendor and on April 1 it paid the principal and interest on the note payable.

Required: Record the purchase on January 1, the installation costs on January 3, the payment of the balance of the invoice on January 12, and the principal and interest on the note on April 1.