On December 31 2021 corporation (an equipment manufacturer) sold equipment that cost 300000 to abc company ( a construction company). The agreement was stipulated that abc would pay make five payments of 105,000 (including interest) annually December 31. The first one note payment is to be made December 31,2021.

1. Prepare the journal entry for xyz to record sale the equipment on 12/31/21
2. Prepare the journal entry xyz for year ended 12/31/23 for the receipt of payment associated with this sale of the equipment
3. Prepare the journal entry for Abc to record the purchase of the equipment on 12/31/21 
4. Total interest expense that would be recognized over the life of the note for abc is?