On January $1,2024,$ Wendall Company purchases new equipment for $$649,000.$ Wendall is required to make a down payment of

$$135,000$ and issue an installment note for the remaining balance of $$514,000.$ The note requires payments of $$70,166\mathrm{.}04$ 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:

Record the purchase of equipment with down payment of $$135,000$ and the installment note of $$514,000$ on January $1,2024.$

Record the first payment of $$70,166\mathrm{.}04$ 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.$)$

Journal entry worksheet

Record the purchase of equipment with down payment of $$135,000$ and the

installment note of $$514,000$ on January $1,2024.$

Note: Enter debits before credits.