Foley Industries purchases new specialized manufacturing equipment on July 1, 2008.The equipment cash price is $79,000. Foley signs a deferred payment contract that provides for a down payment of $10,000 and an 8-year note for $103,472. The note is to be paid in eight equal annual payments of $12,934. The payments include 10% interest and are made on June 30 of each year, beginning June 30, 2009. Prepare the journal entries for 2008, 2009, and 2010 related to the equipment purchase and the contract. Foley’s fiscal year ends on June 30.