Required information [The following information applies to the questions displayed below] On January 2, Summers Company recelved a machine that the company had ordered with an invoice price of $92,000. Freight costs of $710 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine: a. Issued 2,100 shares of Summers Company common stock, por volue $1 (market value, $3.50 per share). b. Signed a note payable for $57,000 with an 12.5 percent interest rate (principal plus interest are due April 1 of the current year). c. The balance of the involce price was on account with the vendor, to be peid in cash by January 12. On January 3, Summers Compary paid $1,700 cash for instaliation costs to prepare the machine for use. On January 12, Summers Company paid the balance due on ins accounts payable to the vandor. Required: 2. Record the purchase on January 2, the installation costs on January 3, and the subsequent peyment on January 12 . Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field