Sheridan Inc. has decided to purchase equipment from Central Michigan Industries an January 2, 2025, to expand its production capacity to meet customers' demand for its provuct. Sheridan issues an $960,000,5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 12%. The company will pay oft the note in five $192,000 installments due at the end of each vear over the lite of the note. (a) Prepare the journal entry at the date of purchase. (Round foctor volues to 5 decimal ploces, e.g. 1.25124 and final answers to 0 decimol places, e. 3. 5,275. Credit decount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter of for the amounts. List oll debit entries before credit entries.) eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be avallable when you complete the part above