Please do parts 1 and 2

Miranda Company contracted with Stewart Corporation to construct custom-made equipment. The equipment was completed and ready for use on January 1,2024 . Miranda paid for the machine by issuing a $200,000, three-year note that bears interest at the rate of 4\%, payable annually on December 31 each year. Since the machine was custom-built, the cash price was unknown. However, when compared to similar contracts, 10% was deemed to be a reasonable rate of interest. Note: Use tables, Excel, or a financial calculator. (FV of $1,PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) Required: 1. Prepare the journal entry by Miranda to record the purchase of equipment. 2. Prepare journal entries to record interest for each of the first two years