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urrent Attempt in Progress Beldeport Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to

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urrent Attempt in Progress Beldeport Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to meet customers' demand for its product. Bridgeport issues and 51.920,000,5-year.zero-interest bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this naturel 12%. The company will pay off the note in five $384.000 installments due at the end of each year over the life of the note Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal plans, c. 1.25 124 and final answers to decimal places. 3. 5.275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit List of Accounts Prepare the journal entry at the end of the first year to record the payment and interest, assuming that the company employs the effective-interest method. (Round answers to decimal places, eg. 5,275. Credit account titles are automatically indented wher amount is entered. Do not indent mahually. If no entry is required, select "No Entry" for the account titles and enter for the amour Account Titles and Explanation Debit Credit List of Accounts Prepare the journal entry at the end of the second year to record the payment and interest (Round answers to decimal places, 28. 5.275. Credit occount 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 for the amounts) Account Tities and Explanation Debit Credit List of Accounts List of Accounts Assuming that the equipment had a 10-year life and no salvage value, prepare the journal entry necessary to record depreciation in the first year (Straight-line depreciation is employed) (Round answers to decimal places, eg. 5,275. Cred account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entor the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit List of Accounts

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