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Chalice Ltd sells equipment to Chris Ltd on 1 Jul 2023. Chris Ltd qualifies for a 2-year interest free period. The current cash sales price

Chalice Ltd sells equipment to Chris Ltd on 1 Jul 2023. Chris Ltd qualifies for a 2-year interest free period. The current cash sales price is $40,000 and Chris Ltd will pay $40,000 on 30 June 2025. Chalice Ltd determines that the appropriate interest rate for Chris Ltd given their credit worthiness is 6% per annum. 


Provide journal entries on 1 July 2023, 30 June 2024 and 30 June 2025 for Chalice Ltd.

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