What is the journal entry for:
On October 1, 2016 Crowell purchased Property, Plant and Equipment at a total cost of $50,000. $5,000 was paid in cash and Crowell signed a Long-Term Debt agreement for the balance. The Long-Term Debt carries and annual interest rate of 4% and interest payments must be made quarterly. The first interest payment was made on December 31, 2016.