Question: please explain part c and d On May 1, 2018, Lamber's Heavy Equipment sold a piece of equipment to Prinston Products, Inc., at a selling

please explain part c and d

On May 1, 2018, Lamber's Heavy Equipment sold a piece of equipment to Prinston Products, Inc., at a selling price of $2,160,000. Lamber's agreed to accept a 10-month, note with Interont due on its maturity dato, March 1, 2019 Lamber's year end i December 31. Assume that is reasonable when compared to the going market rate of interest for similar financing arrangements Read the requirement d. The collection of the note receivable on its maturity date of March 1, 2019. Assume that Lamber's sells the note receivable on January 15, 2019, for $2,201,900. Record the journal entry for the sale. Assume the transaction qualifies as a sale

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