On May 1, 20X4, Louella Corp. purchased equipment with a total cost of $4,000,000. The company financed the purchase by taking out a 9-month, 12%, note. The face value of the note plus interest is due when the note matures in nine months. Interest is calculated as simple interest. The equipment will be used in a variety of R&D activities. It is expected to have a useful life of 5 years and a residual value of $500,000. The DDB method is used. Required: Record the following in the journal below in the order presented. Equipment purchase on May 1 Depreciation for 20X4 Interest for 20X4