$On$ January $1,2020,$ Rogers, Inc sold Computer equipment $to$ a start$-up$ business for $$40,000.$ Delivery was made $on$ January $1$ but the payment was not due until December $31,2020.$ Assuming that Rogers needs $to$ borrow the money until payment $is$ made $so$ they can pay their own payroll and other bills and that their cost $of$ capital $is8\%,$ which $is$ considered $tobe$ significant, what should Rogers book $on$ January $1,2020?$ What $is$ the payment transaction $on$ Dec $31,2020?If$ the initial sale and delivery occurred $on$ July $1,2020,$ what year$-$end $(\frac{12}{31})$ adjusting entry would $be$ needed?

$PV=40,000$