Please help me understand how to figure out problems like this one.

answers to O deci decimal places , eg . 5 275 . Credit acco I account titles are a reautomatically indented when amount is entere d . Do not indent ma manually . If no entry is required , select " N Entry " for the ac count titles and enter O for the amounts . ) Account Titles and Explanation httpsill edugen wileyplus . com edugen / share diassignmenthestiaprint uni*Exercise 10-14 Bramble Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2017, to expand its production capacity to meet customers' demand for its product. Bramble issues a(n) $944,000, 5-year, zero-interest-bearing note to CenlIal Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 11%. The company will pay off the note in ve $188,800 inslallments due at the end of each year over the life of die note. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and nal answers to D decimal places, e.g. 5, 275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit :E: :1:l:l :E: Prepare the journal entry at the end of the rst year to record the payment and interest, assuming that the company employs the effective-interest method. {Round answers to D decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit :SS :CJCI l:]:l:l :E: Prepare the journal entry at the end of the second year to record the payment and interest. (Round answers to 0 decimal places, e.g. 5, 275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit :]:l:l l:l:l l:l:: :ljl: Assuming that the equipment had a 10-year life and no salvage value, prepare the journal entry necessary to record depreciation in the rst year. (Straight-line depreciation is employed.) (Round