Prepare the journal entries for the following transactions:

January $1-$ Purchased a new machine for $$60,000$ cash. The machine had a useful life of $5$ years and a salvage value of $$10,000.$

May $1-$ Borrowed $$80,000$ cash from the bank with annual interest rate of $4\%.$ The loan is due April $30$th of the following year.

December $31$ Record the depreciation expense using the straight$-$line method.

December $31$ Record any interest expense for the year, if any.