Exercise 9-4 (Algo) Record installment note with down payment (LO9-2) On January 1, 2024, Wendall Company purchases new equipment for $795,000. Wendall is required to make a down payment of $125,000 and issue an installment note for the remaining balance of $670,000. The note requires payments of $91,461.57 every three months, beginning March 31,2024 , over the next two years. The interest rate on the note is 8% annually (or 2% every three months). Required: 1. Record the purchase of equipment with down payment of $125,000 and the installment note of $670,000 on January 1,2024 . 2. Record the first payment of $91,461.57 on March 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.)