Sabonis Cosmetics Co. purchased machinery on December 31, 2017, paying $50,000 down payment and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. And assumed interest of 8% is implicit in the purchased price.InstructionPrepare Journal entries for the purchase and for payments and interest on the following dates: December 31, 2017December 31,2018December 31, 2019December 31, 2020December 31, 2021

Pag Pagina 3 ACCT 2062 Problem 3 Sabonis Cosmetics Co. purchased machinery on December 31, 2017, paying $50,000 down payment and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. And assumed interest of 8% is implicit in the purchased price. Prepare Journal entries for the purchase and for payments and interest on the followings dates: A. December 31, 2017 B. December 31, 2018 C. December 31, 2019 D. December 31, 2020 E. December 31, 2021