Question 3 View Policies Show Attempt History Current Attempt in Progress Sarasota Inc. has decided to purchase equipment from Central Michigan Industries on January 2.2020. to expand its production capacity to meet customers demand for its product. Sarasota issues am 31.920,000, 5-year.zerv-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of inxerest for obligations of this nature is 1254. The company will pay off the note innve $384.000 installments due at the end of each yearower the life of the note - Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round foctor values to 5 decimal places, eg. 125124 and find answers to decimal places, 9.5.275. Credit account tities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account tities and enter for the mais! Account Titles and Explanation Debit Credit Equipment 1384234,061 Discount on Notes Payable Notes Payable e Textbook and Media List of Accounts - Your answer is partially correct Prepare the journal entry at the end of the first year to record the payment and interest, assuming that the company emplop the effective interest method. Round answers to decimal places, 4.5,275 Credit acount titles cre automatically indented when amount is entered. Du not indera morally. If no entry is required Sedert "No Entry for the acc saventer for the amounts Debit Creslit Account Titles and Explanation Interest Expense Nntes Payable Discountan Notes Payable Account Titles and Explanation Debit Credit Interest Expense Notes Payable Discount on Notes Payable eTextbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entry at the end of the second year to record the payment and interest. (Round answers to decimal places, eg 5.275. Credit account titles are automatically indented when amount is anderes. Do not indent manually. If no entry is required, select Yo Entry for the account titles and enter for the amounts. Debit Credit Account Titles and Explanation Notes Payable Interest Expense Discount on Notes Payable Cash Textbook and Media List of Accounts - Your answer is partially correct. Assuming that the equipment had a 10-year lite and no salvage valuc, prepare the journalcntry necessary to record deareciation in the first year. Straight-line depreciation is cmplayed Round answers to decal places, 5.275. Chat account titles are automatically indented when amount is entered Do not indent manualna entry is required, select No Entry" for the account titles and enter for the amounts. Debit Credit Account Titles and Explanation Depreciation Expense Accumulated Depreciation Equipment Question 3 View Policies Show Attempt History Current Attempt in Progress Sarasota Inc. has decided to purchase equipment from Central Michigan Industries on January 2.2020. to expand its production capacity to meet customers demand for its product. Sarasota issues am 31.920,000, 5-year.zerv-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of inxerest for obligations of this nature is 1254. The company will pay off the note innve $384.000 installments due at the end of each yearower the life of the note - Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round foctor values to 5 decimal places, eg. 125124 and find answers to decimal places, 9.5.275. Credit account tities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account tities and enter for the mais! Account Titles and Explanation Debit Credit Equipment 1384234,061 Discount on Notes Payable Notes Payable e Textbook and Media List of Accounts - Your answer is partially correct Prepare the journal entry at the end of the first year to record the payment and interest, assuming that the company emplop the effective interest method. Round answers to decimal places, 4.5,275 Credit acount titles cre automatically indented when amount is entered. Du not indera morally. If no entry is required Sedert "No Entry for the acc saventer for the amounts Debit Creslit Account Titles and Explanation Interest Expense Nntes Payable Discountan Notes Payable Account Titles and Explanation Debit Credit Interest Expense Notes Payable Discount on Notes Payable eTextbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entry at the end of the second year to record the payment and interest. (Round answers to decimal places, eg 5.275. Credit account titles are automatically indented when amount is anderes. Do not indent manually. If no entry is required, select Yo Entry for the account titles and enter for the amounts. Debit Credit Account Titles and Explanation Notes Payable Interest Expense Discount on Notes Payable Cash Textbook and Media List of Accounts - Your answer is partially correct. Assuming that the equipment had a 10-year lite and no salvage valuc, prepare the journalcntry necessary to record deareciation in the first year. Straight-line depreciation is cmplayed Round answers to decal places, 5.275. Chat account titles are automatically indented when amount is entered Do not indent manualna entry is required, select No Entry" for the account titles and enter for the amounts. Debit Credit Account Titles and Explanation Depreciation Expense Accumulated Depreciation Equipment