Welk Associates sold a piece of equipment to Convey Company on June 1, 2020, for $800,000. Welk agreed to accept a 7-month, 7% note with interest due on its maturity date, December 31, 2020. Welk prepares financial statements only at its calendar year-end. Prepare the journal entries required to record the sale and the full collection at maturity. Ignore cost of goods sold and inventory.