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At January 1,2024, Brant Cargo acquired equipment by issuing a five-year,...

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Accounting

At January 1,2024, Brant Cargo acquired equipment by issuing a five-year, $125,000(payable at maturity),6% note. The market rate of interest for notes of similar risk is 10%.
Required:
1. to 3. Prepare the necessary journal entries for Brant Cargo.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
1Record the purchase of equipment.
2Record the interest expense.
3Record the interest expense.

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