Relay Company purchases equipment by making a down payment of $24,000 cash. In addition, Relay signs a note requiring monthly payments of $4,800, starting one month after purchase and continuing for a total of 20 months. The contract calls for no interest, yet the prevailing interest rate is 12% on similar transactions. a. Record the entry required for the purchase of this equipment. b. Record the entry to recognize interest expense, one month after this purchase. Ignore the cash payment part of the transaction. Note: Round your answers to the nearest whole number. Account Name Dr. Cr. a. Equipment Discount on Note Payable Cash 110,618 0 0 0 x 0 0 % Note Payable 0 0% To record the purchase of equipment. b. Insurance Expense 0 0 0 0 x Discount on Note Payable To record the interest incurred.