Use the following information to answer the next 2 questions:
On January 1, 2023, a company purchased equipment at a contract price of $56,000. The company made a cash down payment of $6,000 and signed a 3 year, 6% non-interest bearing note for the balance, due on December 31, 2025. Interest is compounded annually.
The equipment account would be debited for what amount on January 1, 2023?