On October $1,2020,$ Pronghorn Equipment Company sold a pecan$-$harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash

payment Valco Brothers Farm gave Arden a $2-$year, $$184,000,8\%$ note $($a realistic rate of interest for a note of this type$).$ The note

required interest to be paid annually on October $1.$ Pronghorn's financial statements are prepared on a calendar$-$year basis.

Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Pronghorn Equipment

Company for the entire term of the note. Assume that reversing entries are not made on January $1,2021$ and January $1,2022.($Record

journal entries in the order presented in the problem. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.

Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Notes Receivable

Sales Revenue

Interest Receivable

Interest Revenue

Cash

$198720$

Notes Receivable

Interest Receivable

Cash

$14720$

Interest Receivable

Cash

$198720$

Interest Revenue

$($To record the collection of interest$)$

Notes Receivable

$($To record the collection of the note$)$