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Purchasing Inc. purchases a bulldozer from Selling Inc. on Jan 1st,2023 using a note payable....

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Accounting

Purchasing Inc. purchases a bulldozer from Selling Inc. on Jan 1st,2023 using a note payable. The note payable stipulates that Purchasing Inc. will make four payments of $225,000 to Selling Inc. on Jan 1st,2023; Dec 31st,2023; Dec 31st,2034; Dec 31st,2025. The interest rate on this note payable is 13%. Record all journal entries for both Purchasing and Selling Inc. over the life of the machine.

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