On July 1, 2021. Morkwell Company acquired equipment. Marswell paid $160,000 in cash on July 1, 2021 and signed a $540,000 non interest-bearing note for the remaining balance which is due on July 1, 2022. An interest rate of 5% reflects the time value of money for this type of loan agreement (Pv of 1. PVA of 5) (Use appropriate factor(s) from the tables provided.) Which of the following should be included in the journal entry on July 1, 2021? (Round intermediate and final answer to nearest whole dollar amount.) Multiple Choice Credt Notes payat, 5609523 Debit: Louipment, 5000,000 Debi Dhontant notes payable, 530.47% Credit Notes payable, 5600,623 and Debit: Oscount on notes payable $30,477