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On October 1, 2015, Arden Farm Equipment Company sold a pecan-harvesting machine to Valeo Brothers Farm, Inc. In lieu of a cash payment Valeo Brothers gave Arden a 2-year, $120,000,8% note. The market rate of interest for a note of similar risk is 10%.The note required interest to be paid annually on October 1st. Ardern's financial statements are prepared on a calendar basis.(note this means they prepare financial statements on Dec 31st) Required:[Record the required journal entries for Arden Farm Equipment Company for the first year