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1. Prepare the journal entry for XYZ to record sale of the equipment on 7/31/23. 5. Total interest earn over the life of the note is $ Q2. On July 31, 2023, XYZ Corporation (an equipment manufacturer) sold equipment that cost$160,000 to ABC Company (a construction company). The agreement stipulated that ABC would make a down payment of $80,000 and five payments of $50,000 (including interest) annually on July 31 . The first note payment is to be made on July 31, 2024. Assuming the revailing market rate of interest of 6% applies to this contract: 1. Prepare the journal entry for XYZ to record sale of the equipment on 7/31/23. Q2. On July 31, 2023, XYZ Corporation (an equipment manufacturer) sold equipment that cost $160,000 to ABC Company (a construction company). The agreement stipulated that ABC would make a down payment of $80,000 and five payments of $50,000 (including interest) annually on July 31 . The first note payment is to be made on July 31, 2024. Assuming the vailing market rate of interest of 6% applies to this contract: 1. Prepare the journal entry for XYZ to record sale of the equipment on 7/31/23. 3. Prepare the entry for the receipt of payment on 7/31/2025 for XYZ if the company uses (makes) reversing