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On January 1,2024, Touric Company purchases new equipment for $764,000. Touric is required to make...

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Accounting

On January 1,2024, Touric Company purchases new equipment for $764,000. Touric is required to make a down payment of $102,000 and issue an installment note for the remaining balance of $662,000. The note requires payments of $90,369.49 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 $102,000 and the installment note of $662,000 on January 1,2024.
Record the first payment of $90,369.49 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
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Record the purchase of equipment with down payment of $102,000 and the installment note of $662,000 on January 1,2024.
Note: Enter debits before credits.
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