Question: On January 1 , 2 0 2 0 , the ABC Corporation receives a four - year, $ 1 0 0 , 0 0 0

On January 1,2020, the ABC Corporation receives a four-year, $100,000. zero-interest-bearing note in payment of goods sold to be paid on December 31st,2023. The value of the inventory was $45,000. The present value of the note equals the agreed upon sales price of $65,874. Required: 1. Prepare the journal entry to record the sale on January 1 st,2020.2. Prepare the journal entry to record the interest accrual on December 312020.3. Prepare the journal entry to record the payment on December31,2023

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