Please i need solution in detail as soon as possible ! Picture 2 and 3 are our solutions, are they correct or not? Please figure out the problems.

Problem III - Notes Receivable (20 points) On December 31, 2017 Bobby Corporation sold some of its product to Fly Company, accepting a 5%, four-year promissory note having a maturity value of $2,000,000 (interest payable annually on December 31). Bobby Corporation pays 8% for its borrowed funds. Fly Company, however, pays 10% for its borrowed funds. The product sold is carried on the books of Bobby at a manufactured cost of S650,000. Assume Bobby uses a perpetual inventory system. Instructions (a). Prepare the journal entries to record the transaction on the books of Bobby Corporation at December 31, 2017. (Assume that the effective interest method is used.) (b). Make all appropriate entries for 2018 on the books of Bobby Corporation. PV of an annuity due of4 periods at 8% is 3.57710; at 10% is 3.48685 PV of an ordinary annuity of 4 periods at 8% is 3.3 1213, at 10% is 3.16986 PV of a single sum of 4 periods at 8% is 0.73503, at 10% is 0.68301