What is the interest expense journal entry at the end of the second year to record payment and interest?

Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING (ACCT Gradebook OR10N CALCuLATOR nuscREEN PRINTER VERSios BACx Exercise 10-14 (Part Level Submission) Inc, has decided to purchase equlpment from Central Michigan 164,000, S-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevaling market rate of interest for n Industries on January 2, 2017, to expand its production capacity to meet customers demand for its product. Ayayal issues a(n) $1,1 z obligations of this nature is 11%. The company will pay" the company will pay off the note in five $236,800 instaliments due at the end of each year over the (a) Your answers correct. Prepare the yournal entry at the date of purchase. (Round factor values to 5 decimal places, e-g 4 and final answers to o decimai places, g. $,275. Credit account is entered. Do not indent manually. It no entry is required, select "No Entry" for the account and enter O for the amounts Notes Payable Attemptsi 1 of s Rights Reserved. A Division of Mac Book Pre 8 K