Skysong Corporation purchased a truck by issuing an $$89,600,5-$year, zero$-$interest$-$bearing note to Equinox Inc. The market rate of interest for obligations of this nature is $11\%.$

Prepare the journal entry to record the purchase of this truck. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.5,275.$ Credit account 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 $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit