Candy Corp. has been experiencing a significant increase in customers demand for its products. To expand its production capacity, Candy decided to purchase equipment from BDO on January 2, 2019. Candy issues a P2,400,000, 5-year, non-interest bearing note to BDO for the new equipment when the prevailing market rate of interest for obligations of this nature is 12%. The company will pay off P480,000 installments due at the end of each year over the life of the note. Candy's financial year-end is December 31. Prepare the entry to record the purchase of the equipment on January 2, 2019