HiTech Industries purchases new electronic equipment for its telecommunication system. The contractual arrangement specifies 10 payments of $8,600 each to be made over a 10-year period. If HiTech had borrowed money to buy the equipment, it would have paid interest at 9%. HiTech’s accountant recorded the purchase as follows:

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,000

Notes Payable . . . . . . . . . . . . . . . . . . . . . . . . . 86,000

Prepare the correcting acquisition entry, considering the implicit interest in the purchase.