D E A B Problem 6 (sale with time value of money, IR] On January 1, 2020, ABC sold and delivered a product to XYZ. ABC allows XYZ to delay payment for twelve months, at which time XYZ will pay ABC $20,000. ABC deems the financing component of the transaction to be significant and decides that an applicable interest rate is 10%. Prepare the entry made by ABC on January 1, 2020 to record the sale. Enter your answer below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Entry on January 1, 2020: Account 2 Debit Credit 1 1 5 1 6 7 2. Prepare the entry made by ABC on December 31, 2020 to record the $20,000 payment. 8 9 0 Enter your answer below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. 1 -2 Entry on December 31, 2020: 3 Account Debit Credit 24 25 26 27 28 29 30 31 32 NNNN