Please explain step by step.

Exercise 10-15 Wildhorse Corporation purchased a computer on December 31, 2016, for $157,500, paying $45,000 down and agreeing to pay the balance in five equal installments of $22,500 payable each December 31 beginning in 2017. An assumed interest rate of 9% is implicit in the purchase price. Prepare the journal entry at the date of purchase (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 al places, e.g. 5,275. Credit account titles are automatically indented when annount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Credit Aocount Titles and Explanation Debit December 31, 2016 Equipment Discount on Notes Payable 45,000 Notes Payable Cash