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B. On December 31, 2021, Milazzo Inc. sold equipment. The buyer agreed to make a down payment of $10,000 and to finance the balance with
B. On December 31, 2021, Milazzo Inc. sold equipment. The buyer agreed to make a down payment of $10,000 and to finance the balance with a two-year, noninterest bearing note with a face value of $45,000 due in two years. Assume that an appropriate market rate of interest for this note would be 9%. a. What is the sales revenue that Milazzo should record? b. How much total interest will Milazzo earn from financing the equipment? c. Prepare an amortization table for the note. d. Write all necessary journal/adjusting entries for Milazzo starting with the sale on December 31, 2021
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