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On January 1, 2021, XYZ Corporation sold equipment that had a cost of $300,000 and accumulated depreciation of 120,000 to ABC. XYZ received as consideration a down payment of $100,000 and a $250,000 non-interest-bearing note due on December 31, 2024. The prevailing rate of interest for a note of this type on January 1, 2021, was 4%.
Problem 1: Prepare the journal entry(s) for year ended 12/31/22(i.e. end of the second year), if any, associated with this sale of equipment.
Problem 2: What is the total interest revenue that would be recognized over the life of the note by XYZ?
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