1. On March 31, 2021, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $280,000. Fishbone received as consideration a down payment of S150,000 and 5% interest-bearing note requiring 5 annual payments of $70,000 (including interest). The first note payment is to be made on March 31, 2022. The prevailing, rate of interest for a note of this type on March 31, 2021 was 5%.

Future Present Present value of value of value of an an Future Value of an n 1 Present value of 1 0.78353 ordinary annuity 5.52563 ordinary annuity 4.32948 annuity due 4.54595 i 5 1.27628 5% i. Record Fishbone Corporation's sale of equipment on March 31, 2022. Account Title Debit Credit ii. Prepare the entry(s) for the year ended 12/31/23, if any, associated with the sale of equipment. Account Title Debit Credit iii. Prepare the entry for the receipt of payment on 03/31/2024 for Fishbone Corporation if the company does not use reversing entries. Account Title Debit Credit iv. Prepare the journal entry for Lost Company to record the purchase of the equipment on 03/31/21. Account Title Debit Credit