X-it Company, signed a $500,000, 5-year note payable to buy a new industrial machine. The company paid $2,000 cash for

X-it Company, signed a $500,000, 5-year note payable to buy a new industrial machine. The company paid $2,000 cash for transportation of the machine and $1,000 cash for installation costs. The journal entry to record this transaction will include a . (Check all that apply.)

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