Cascade Company was trying to sell some of its old oil and gas drilling equipment. On January 1, 2021, Cascade Company sold equipment to Yukon Oil and Gas Company The equipment cost $250,000 and had accumulated depreciation of $100,000 on the date of sale. Yukon Oil and Gas Company gave Cascade Company a non-interest-bearing note with payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2021. The prevailing rate of interest for a note of this type on January 1, 2021, was 5%. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for Yukon's purchase of the machine on January 1, 2021 2. Prepare the journal entry for the installment payment on December 31, 2021 3. Prepare the journal entry for the installment payment on December 31, 2022