On January 2, Summers Company received a machine that the company had ordered with an invoice price of $106,000. Freight costs of $690 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine: a. Issued 1,700 shares of Summers Company common stock, par value $1 (market value, $3.50 per share). b. Signed a note payable for $62,000 with an 11.4 percent 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, to be paid in cash by January 12. On January 3, Summers Company paid $2,700 cash for installation costs to prepare the machine for use. On January 12, Summers Company paid the balance due on its accounts payable to the vendor. P8-1 Part 2 Required: 2. Record the purchase on January 2, the installation costs on January 3, and the subsequent payment on January 12. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of equipment. Note: Enter debits before credits. Credit Debit 106,000 1,700 Date General Journal January 02 Equipment Common stock Additional paid-in-capital Note payable Accounts payable 62,000 Record entry Clear entry View general journal Journal entry worksheet Record the installation costs on January 3. Note: Enter debits before credits. General Journal Debit Credit Date January 03 Equipment Cash 2,700 2,700 Record entry Clear entry View general journal Journal entry worksheet