Purchase the new equipment by giving a non$-$interest$-$bearing note with five payments of $$120,000$ to the supplier $($starting on the first day of note$$s term and each year thereafter$)$ and selling the old equipment for $$60,000$ cash. The first $$120,000$ payment would be made in late December $2019.$ The prevailing interest rate for obligations of this nature is $10\%.$ Journal Entries