On January 2, 2015, Summers Company bought a machine for use in operations. The machine has an estimated useful life of fourteen years and an estimated residual value of $4,200. The company provided the following expenditures:

a.	Invoice price of the machine, $92,000.
b.	Freight paid by the vendor per sales agreement, $1,100.
c.	Installation costs, $3,400 paid in cash.
d.	Payment was made as follows:
	On January 2:
	The installation costs were paid in cash.
	Summers Company common stock, par $1; 4,000 shares (market value, $1.50 per share).
	Note payable, $64,000; 15.0 percent due April 16, 2015 (principal plus interest).
	Balance of invoice price to be paid in cash. The invoice allows for a 7 percent discount for cash paid by January 12.
	On January 15:
	Summers Company paid the balance due.

Required:

2.	Record the purchase on January 2 and the subsequent payment on January 15. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)