this question is asking for preparing entries and interest schedule for long-term, no receivable; effective interest method.

Freparing fotries and interest Schedule for Lang Jeem Note Receivable: EFlecthe interest Uathod anequert a Hrom value of nule; : \begin{tabular}{|c|c|c|c|c|} \hline Date & Account Name & & Dr. & Cr. \\ \hline \multirow[t]{5}{*}{ Jan. 1, Year 1} & & & 0 & 0 \\ \hline & * & & 0 & 0 \\ \hline & 1 & * & 0 & 0 \\ \hline & & * & 0 & 0 \\ \hline & To record sale of equipment. & & & \\ \hline \multirow[t]{4}{*}{ Dec. 31, Year 1} & & * & 0 & 0 \\ \hline & & * & 0 & 0 \\ \hline & I & & 0 & 0 \\ \hline & To record interest on note. & & & \\ \hline \multirow[t]{4}{*}{ Dec. 31, Year 2} & & * & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & I & & 0 & 0 \\ \hline & To record interest on note. & & & \\ \hline \multirow[t]{4}{*}{ Dec. 31 , Year 3} & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & F & = & 0 & 0 \\ \hline & To record interest on note. & & & \\ \hline \multirow[t]{3}{*}{ Dec. 31, Year 3} & & & 0 & 0 \\ \hline & & * & 0 & 0 \\ \hline & To record settlement of note. & & & \\ \hline \end{tabular} Freparing fotries and interest Schedule for Lang Jeem Note Receivable: EFlecthe interest Uathod anequert a Hrom value of nule; : \begin{tabular}{|c|c|c|c|c|} \hline Date & Account Name & & Dr. & Cr. \\ \hline \multirow[t]{5}{*}{ Jan. 1, Year 1} & & & 0 & 0 \\ \hline & * & & 0 & 0 \\ \hline & 1 & * & 0 & 0 \\ \hline & & * & 0 & 0 \\ \hline & To record sale of equipment. & & & \\ \hline \multirow[t]{4}{*}{ Dec. 31, Year 1} & & * & 0 & 0 \\ \hline & & * & 0 & 0 \\ \hline & I & & 0 & 0 \\ \hline & To record interest on note. & & & \\ \hline \multirow[t]{4}{*}{ Dec. 31, Year 2} & & * & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & I & & 0 & 0 \\ \hline & To record interest on note. & & & \\ \hline \multirow[t]{4}{*}{ Dec. 31 , Year 3} & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & F & = & 0 & 0 \\ \hline & To record interest on note. & & & \\ \hline \multirow[t]{3}{*}{ Dec. 31, Year 3} & & & 0 & 0 \\ \hline & & * & 0 & 0 \\ \hline & To record settlement of note. & & & \\ \hline \end{tabular}