Exercise 9-4 (Static) Record installment note with down payment (LO9-2) On January 1,2024, Mitchell Company purchases new equipment for $700,000 Mitchell is required to make a down payment of $100,000 and issue an instailment note for the femaining balance of $600,000. The note requires payments of $81,90588 every three months, beginning March 31, 2024, over the next two years. The interest rate on the note is 8% annulily (or 248 every three months) Required: 1. Record the purchase of equipment with down payment of $100,000 and the instaument note of $5000,000 on January 1,2024 2. Record the first payment of $81,905,88 on March 31, 2024 (it no entry is required for o porticular transaction/event, select "No Journal Entry Required" in the first account feld, Do not round intermediote calculotions. Round your onswers to 2 decimal ploces.)