View Policies Current Attempt in Progress Cullumber Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to meet customers demand for its product. Cullumber issues alr) $ 960,000, 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 12%. The company will pay off the note in five $ 192,000 installments due at the end of each year over the We of the note (a) Prepare the journal entry at the date of purchase. (Round factor values to decimal places, s 1.25124 and final answers to decimal places.es 5.275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media