Hi, please help me with the below question, thank you for your assistance in advance.

This question is related to revenue recognition and significant financing component.

XYZ Ltd transfer the machine to the customer on 1 January 2018 and agrees with the customer to use the following credit terms: pay $240,000 on 31 December 2019 with an interest rate of 10% per annum. Illustrate XYZ's accounting for the machine by (1) preparing journal entries and (2) determine what is the transaction price after adjusting the consideration for the significant financing component.