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On January 1, Marin Inc. sold used equipment with a cost of $ 16,000 and a carrying amount of $ 2,420 to Bramble Corp. in exchange for a $ 5,110, three-year noninterest-bearing note receivable. Although no interest was specified, the market rate for a loan of that risk would be 9% and assume that Marin follows ASPE. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.On January 1, Marin Inc. sold used equipment with a cost of $ 16,000 and a carrying amount of $ 2,420 to Bramble Corp. in exchange for a $ 5,110, three-year noninterest-bearing note receivable. Although no interest was specified, the market rate for a loan of that risk would be 9% and assume that Marin follows ASPE. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

A) Prepare the entry to record the sale of Marins equipment and receipt of the note. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

B) Prepare the entries to record the recognition of interest each year if Marin uses the straight-line method. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

C) Prepare the entry to record the collection of the note at maturity for Marin. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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