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South Company, a public company, sells large construction equipment. On 1 January 20\times 5, the...

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Accounting

South Company, a public company, sells large construction equipment. On 1 January 20\times 5, the company sold North Company a machine at a quoted price of $120,000. South collected $40,000 cash and received a two-year note payable for the balance.
Required:
Give South's required entries for the two years, assuming an interest-bearing note, face value $80,000(8% interest, simple interest, payable every 31 December and 8% market rate).(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
\table[[No,Transaction,General Journal,Debit,Credit],[1,1 January 20x5,,,],[,,,,],[2,\table[[31 December],[205
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