Please Complete both journal entries. Thank you!

On January 1, 2024. Wendall Company purchases new equipment for $730,000. Wendall is required to make a down payment of $140,000 and issue an installment note for the remaining balance of $590,000. The note requires payments of $80,54078 every three months, beginning March 31, 2024, over the next two years. The interest rate on the note is 8% annually (or 2% every three months) Required: 1. Record the purchase of equipment with down payment of $140,000 and the instaliment note of $590,000 on January 1,2024. 2. Record the first payment of $80,54078 on March 31,2024 (if no entry is required for o porticulor transoction/event, select "No Journol Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal ploces.) Journal entry worksheet Record the purchase of equipment with down payment of 5140,000 and the installment note of $500,000 on January 1,2029 . nal entry worksheet rd the first payment of $80,540.78 on March 31,2024 Enter debits before credits