On July $1,2024,$ a company acquired equipment. The company paid $$165,000$ in cash on

July $1,2024,$ and signed a $$660,000$ noninterest$-$bearing note for the remaining balance,

which is due on July $1,2025.$ An interest rate of $7\%$ reflects the time value of money for this

type of loan agreement. $($PV of $$1,$ PVA of $$1)$

Which of the following should be included in the journal entry on July $1,2024?$

Note: Round intermediate and final answer to nearest whole dollar amount.

Multiple Choice

Debit Discount on notes payable, $$43,177.$

Credit Notes payable, $$616,823.$

Debit Equipment, $$825,000.$

Credit Notes payable, $$616,823$ and Debit Discount on notes payable,

$$43,177.$