for Long$-$Term Note Receivable; Effective Interest Method December $31$ of Year $2.$ The prevailing interest rate on similar notes is $11\%.$ Assume that the cost of the land is equal to the fair value of the note.

Required

Note: Round answers to the nearest whole dollar.

b$.$ Prepare entries on December $31$ of Year $2$ to record $(1)$ interest received on the note and $(2)$ the settlement of the note.

$\backslash$table$[[$Date$,$Account Name,Dr$.,$Cr$.,],[$Dec$\mathrm{.}31,$ Year $2,$Cash,$vv,0,0$