Pharoah Inc. decided to purchase equipment from Central Ontario Industries on January 2, 2023, to expand its production capacity to meet customers' demand for its product. Pharoah issued a $929,000, 5-year, non-interest-bearing note to Central Ontario for the new equipment when the prevailing market interest rate for obligations of this nature was 12%. The company will pay off the note in 5 $185,800 instalments due at the end of each year of the note's life. (The tables in this problem are to be used as a reference for this problem.) Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 (b) Prepare the journal entries at the end of the first year to record the payment of principal and interest, assuming that the company uses the effective interest method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, eg. 5,275.) Date Account Titles and Explanation I Debit Credit