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On January 2, Summers Company received a machine that the company had ordered with an invoice price of $101,000. Freight costs of $650 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine: a. Issued 1,400 shares of Summers Company common stock, par value $1 (market value, $3.50 per share). b. Signed a note payable for $53,000 with an 10.3 percent interest rate (principal plus interest are due April 1 of the current year). c. The balance of the invoice price was on account with the vendor, to be paid in cash by January 12. On January 3, Summers Company paid $2,300 cash for installation costs to prepare the machine for use. On January 12, Summers Company paid the balance due on its accounts payable to the vendor. Required: 2. Record the purchase on January 2, the installation costs on January 3, and the subsequent payment on January 12. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the purchase of equipment. Note: Enter debits before credits General Journal Debit Credit Date January 02 Record entry Clear entry View general Journal Journal entry worksheet

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