Problem 14-9 Your answer is correct. Sabonis Cosmetics Co. purchased machinery on December 31, 2016, paying $50,000 down and agreeing to pay the balance in four equ December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. ( 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles a is entered. Do not indent manually.) (a) December 31, 2016 (b) December 31, 2017. (c) December 31, 2018. (d) December 31, 2019. (e) December 31, 2020. No. Account Titles and Explanation Debit Credit (a) Machinery 182485.20 Discount on Notes Payable 27514.80 Cash 50000 Notes Payable 160000 Problem 14-9 Your answer is correct. Sabonis Cosmetics Co. purchased machinery on December 31, 2016, paying $50,000 down and agreeing to pay the balance in four equ December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. ( 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles a is entered. Do not indent manually.) (a) December 31, 2016 (b) December 31, 2017. (c) December 31, 2018. (d) December 31, 2019. (e) December 31, 2020. No. Account Titles and Explanation Debit Credit (a) Machinery 182485.20 Discount on Notes Payable 27514.80 Cash 50000 Notes Payable 160000