ABC company sells a large piece of custom made equipment to the state for $300,000 on 07/01/2016. As part of the sales agreement, ABC agrees to accept payment from the state on 12/31/2017. There is no stated interest rate on the note and the firm's normal discount rate is 7%.

-Record the journal entry for the sale on 07/01/2016 (just the revenue portion) for ABC.

-Record any necessary adjusting entries for 12/31/2016 for ABC.

-Record the final entry on 12/31/2017 for ABC.