Online Data Analyti.

Combine Dates and...

ignment

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Oriole Inc. has decided to purchase equipment from Central Michigan Industries on January $2,2025,$ to expand its production capacity to meet customers' demand for its product. Oriole issues an $$560,000,5-$year, zero$-$interest$-$bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is $7\%.$ The company will pay off the note in five $$112,000$ installments due at the end of each year over the life of the note.

$($a$)$

Prepare the journal entry at the date of purchase. $($Round factor values to $5$ decimal places, e$\mathrm{.}8.1\mathrm{.}25124$ and final answers to $0$ decimal places, eg$\mathrm{.}5,275.$ Credit account Hes are automatically indented when amount is entered. Do not indent manually. If no entry is required, seact NO Enay for the cccount itiles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Tilles and Explanation

Debit

Credit

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List of Accounts

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$($b$)$

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