On July 1, 2017, Snow Corp purchases a sleigh (property, plant, and equipment) and agrees to make 10 payments of $6.790 due on December 31 of each year. The annual market interest rate for the note is 5% All adjusting journal entries are recorded on December 31. Assume that Snow Corp uses the double- declining method to record depreciation. The sleigh is estimated to have a useful life of 20 years and a salvage value of $700. Use the above information to answer the following questions. Round your answer to 2 decimal places. 2.5% 3.0% 5.0% 6.0% Present value of a single sum for 5 periods .88385 .86261 .78353 .74726 Present value of a single sum for 10 periods -78120 .74409 .61391 .55839 Present value of an annuity for 5 periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.72173 7.36009 What is the journal entry(ies) recorded by Snow Corp on July 1, 2017? Write "NONE" if no journal entry is required