TVM5a due 03/27, Reoord purchase of equipment, partially in cash, partially on credit Refer to TVM question 5 (copied below). Record the journal entry on the date of purchase( points) [5] Risoner Company plans to purchase a machine with the following conditions: . Purchase price $300.000. The down payment-10% of purchase price with remainder financed at an annual interest rate of 16%. . The financing period is 8 years with equal annual payments made every year . The present value of an annuity of $1 per year for 8 years at 16% is 4.3436. . The present value of $1 due at the end of 8 years at 16% is .3050