On January $2,2023,$ Adani Inc. sells goods to Geo Company in exchange for a zero$-$interest$-$bearing note with a face value of $$11,000,$ with payment due in $12$ months. The fair value of the goods at the date of sale is $$10,000($cost $$6,000).$ Assume that the company chooses to reflect the interest component.

PREPARE JOUNRAL ENTRIES:

Jan $2,2023($To record sales$)2$ ACCOUNTS ONLY

Jan $2,2023($To record cost of goods sold$)2$ ACCOUNTS ONLY