Cambria Limited took a $$240,000$ two$-$year note recelvable from a customer in connection with a major inventory sale transaction on $1$ January $205.$ The note required annual end$-$of$-$year interest payments of $4\%,$ and the principal was due at the end of $206.$

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

Prepare journal entries to record the initial sale transaction and each payment on the books of Cambria, assuming that the market Interest rate is $4\%.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Rounh time value factor to $5$ decimal places and final answers to the nearest whole dollar amount.$)$

Journal entry worksheet