Analysis constant (select one) (select one) Question 2 [5 points] On July 7, 2014 Southgate Inc purchased equipment and machinery for a total price of $480 000, paying cash of $50,000 and borrowing the balance from the bank to be repaid within 8 years. The bank appraised the equipment at $258,000 and the machinery at $172,000 Enter an appropriate description and enter the date in the format dd/mmm (i e 15/Jan) General Journal Page GJ2 Date Account/Explanation F Debit Credit