Question $2(25$ marks$)$

On September $17,2022,$ AAA Security sold an alarm system to Wondermart in exchange for a $2-$year, $$600,000$ note bearing market interest at $7\%.$ Wondermart will repay the note in two equal payments. AAA Security follows IFRS and therefore uses the effective interest method. AAA Security does not use reversing entries. AAA Security has a December $31$ Year end.

Required

Calculate the payment. Prepare all journal entries required for the note for AAA Security, from the initial sale to full repayment. Count exact days for the year$-$end interest revenue adjustment. Round amounts to the nearest dollar. $(25$ marks$)$