On September 30, 2017, Coldwater Corporation purchased equipment for $1,270,000. The equipment was purchased with a $120,000 down payment and a three-year, 3%, $1,150,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $95,833, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually.

(c) Record the first two instalment payments, on December 31, 2017, and March 31, 2018. (Round answers to the nearest whole dollar, e.g. 5,250. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Mar. 31, 2018