[The following information applies to the questions displayed below.] On January 2, Summers Company bought a machine for use in operations. The machine has an estimated useful life of eight years and an estimated residual value of $2, 600. The company provided the following expenditures: a. Invoice price of the machine, $85,000. b. Freight paid by the vendor per sales agreement, $1000. c. Installation costs, $2, 400 paid in cash. d. Payment was made as follows: On January 2: The installation costs were paid in cash. Summers Company common stock, per $1; 2,000 shares (market value, $3.50 per share). Note payable, $60000, 115 percent (principal plus interest due April 1 of the current year). Balance of invoice price to be paid in cash. The invoice allows for a 3 percent discount for cash paid by January 12. On January 12: Summers Company paid the balance due. Record the purchase on January 2 and the subsequent payment on January 12. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)