On January $1,2019,$ Billips Corporation purchased equipment having a fair value of $$72,054\mathrm{.}94$ by issuing a $$90,000$ note, payable in three $$30,000$ annual installments beginning December $31,2019.$ On January $1,2019,$ Billips Corporation purchased equipment having a fair value of $$72,054\mathrm{.}94$ by issuing a

$$90,000$ note, payable in three $$30,000$ annual installments beginning December $31,2019.$

Required:

Prepare $(1)$ the joumal entry to record the purchase of the equipment, $(2)$ a schedule to compute the

annual interest expense, and $(3)$ the joumal entries to record yearly interest expense and note

repayments over the Wfe of the note.

General Journal

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Required:

Prepare $(1)$ the journal entry to record the purchase of the equipment, $(2)$ a schedule to compute the annual interest expense, and $(3)$ the journal entries to record yearly interest expense and note repayments over the life of the note.